With Weak Stainless Steel Transactions, Inventory Accumulation Was Evident, Spot Prices Declined [SMM Stainless Steel Spot Daily Review]

On October 10, stainless steel futures prices fluctuated widely, while spot prices dropped back slightly. After the stainless steel mills imposed price limits, the decline in spot prices eased somewhat. However, after the National Day holiday, there was a significant increase in spot inventory, leading to ample market resources. Most traders sold resources at a 100 yuan/mt decrease based on stainless steel mills' pricing. The 200-series inventory accumulation was relatively small, with a reasonable post-holiday increase, and downstream feedback was positive. However, the actual demand for 300-series stainless steel was weak, making it difficult to support high prices and expected to remain under pressure. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 13,800-14,300 yuan/mt and 304 hot-rolled stainless steel at 13,450-13,550 yuan/mt. 316L cold-rolled stainless steel was quoted at 24,800-25,200 yuan/mt. 201J1 cold-rolled stainless steel was quoted at 8,000-8,400 yuan/mt. 430 cold-rolled stainless steel was quoted at 7,600-7,800 yuan/mt. At 10:30, the SHFE SS2412 contract price was 14,000 yuan/mt, with Wuxi stainless steel spot premiums of 20-470 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).