Stainless steel prices surged significantly after the holiday, with futures moving downwards after a higher opening and spot gains cooling down [SMM Stainless Steel Spot Daily Review]

Published: Oct 8, 2024 15:13

Source: SMM

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On October 8th, post-holiday spot stainless steel prices across all categories saw a significant increase compared to pre-holiday levels.

On October 8th, post-holiday spot stainless steel prices across all categories saw a significant increase compared to pre-holiday levels. However, as stainless steel futures opened high and then quickly moved downwards and steel mills did not provide guidance prices, spot prices became quite chaotic, showing signs of cooling down. Actual transactions in the morning were good, with normal downstream purchases, mostly by traders and processing companies. Currently, due to large price fluctuations, the market has calmed down again. Prices may remain supported by sustained sentiment. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 14,000-14,300 yuan/mt, and 304 hot-rolled stainless steel at 13,500-13,600 yuan/mt. 316L cold-rolled stainless steel in Wuxi was quoted at 24,800-25,200 yuan/mt. 201J1 cold-rolled stainless steel in Wuxi was quoted at 8,000-8,400 yuan/mt. 430 cold-rolled stainless steel in Wuxi was quoted at 7,500-7,800 yuan/mt. At 10:30, the SHFE SS2411 contract price was 14,055 yuan/mt, with Wuxi stainless steel spot premiums at -80 to 220 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).

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