Stainless steel futures declined, spot transactions cooled, and prices were adjusted downward [SMM Stainless Steel Spot Daily Review]

On October 9, stainless steel spot prices overall dropped back slightly. The overall trend of non-ferrous metal futures was weak, with stainless steel futures declining. Coupled with weaker market transactions, spot prices mostly adjusted downward slightly. Today, Tsingshan's guidance prices for 304 cold-rolled stainless steel were 13,800 yuan/mt and hot-rolled stainless steel at 13,500 yuan/mt. Subsequently, agents were again required to limit prices, and other stainless steel mills followed suit to offer guidance prices. Currently, the mainstream prices in the 304 cold and hot-rolled stainless steel market are 100 yuan/mt lower than Tsingshan's limited price. Downstream still maintained restocking as needed. Stainless steel spot prices are expected to remain stable overall. 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 13,450-13,550 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 7,600-7,800 yuan/mt. At 10:30, the SHFE SS2412 contract price was 14,010 yuan/mt, with Wuxi stainless steel spot premiums at 160-460 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).