Stainless steel futures continued to rise, with limited spot price increases [SMM Stainless Steel Spot Daily Review]

Published: Sep 26, 2024 10:26

Source: SMM

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On September 25, stainless steel futures maintained their upward trend.

On September 25, stainless steel futures maintained their upward trend. In the morning, futures showed a tendency to hit 13,500 yuan/mt, but the rise was mainly due to positive sentiment from domestic macro policies. Actual downstream transactions improved only slightly. The price of 201 stainless steel remained stable as several steel mills made joint efforts to refrain from price cuts. The quotes for 304 HRC and CRC increased slightly compared to the previous day. Downstream stocking willingness was low, with some pickups but overall small trading volumes, mainly among traders supplementing cargoes of specifications. Pre-holiday arrivals are expected to be limited, but a large amount of resources are in transit. Without a significant increase in downstream purchasing, spot prices are expected to lack momentum for further rises. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 13,400-13,800 yuan/mt and 304 hot-rolled stainless steel at 12,850-12,950 yuan/mt. 316L cold-rolled stainless steel in Wuxi was quoted at 24,500-24,700 yuan/mt. 201J1 cold-rolled stainless steel in Wuxi was quoted at 7,950-8,050 yuan/mt. 430 cold-rolled stainless steel in Wuxi was quoted at 7,400-7,700 yuan/mt. At 10:30, the SHFE SS2411 contract price was 13,435 yuan/mt, with Wuxi stainless steel spot premiums of 135-535 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).

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