The stainless steel market remained calm with futures declining and the pace of shipments slowing down [SMM Stainless Steel Spot Daily Review]

On October 29, stainless steel futures fluctuated downward. In the morning, spot prices mostly remained stable, and the narrowing spot-futures price spread slightly slowed down the pace of shipments, with actual transaction volumes being average. On the supply side, recent arrivals were normal, and the market had ample supply of both hot-rolled and cold-rolled coils in various specifications. Downstream maintained restock as needed, and inventory was slowly being reduced. Futures were influenced by the ferrous metals series towards the end of the trading session, which might affect market sentiment, and short-term downward pressure is expected. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 13,700-14,100 yuan/mt, and 304 hot-rolled stainless steel in Wuxi was quoted at 13,200-13,300 yuan/mt. 316L cold-rolled stainless steel in Wuxi was quoted at 24,500-25,500 yuan/mt. 201J1 cold-rolled stainless steel in Wuxi was quoted at 7,900-8,100 yuan/mt. 430 cold-rolled stainless steel in Wuxi was quoted at 7,500-7,600 yuan/mt. At 10:30 AM, the SHFE SS2412 contract price was 13,760 yuan/mt, and Wuxi stainless steel spot premiums were 110-510 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).