Stainless Steel Futures Hit New Lows, Market Sentiment Pessimistic, Prices Dip Again [SMM Stainless Steel Spot Daily Review]

Published: Dec 5, 2024 17:13

Source: SMM

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On December 5, stainless steel futures prices recently plummeted to a four-year low, causing panic in the spot market, with frequent occurrences of price cuts to secure sales.

On December 5, stainless steel futures prices recently plummeted to a four-year low, causing panic in the spot market, with frequent occurrences of price cuts to secure sales. Steel mills did not adjust their guidance prices, and market transactions remained sluggish. Arrivals were relatively low during the week, keeping supply and demand in basic balance. Spot quotations remained stable in the short term, but actual transaction prices declined overall due to the significant drop in futures prices and the impact of market sentiment. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 13,150-13,300 yuan/mt, and 304 hot-rolled stainless steel in Wuxi was quoted at 12,550-12,650 yuan/mt. 316L cold-rolled stainless steel in Wuxi was quoted at 24,100-24,300 yuan/mt. 201J1 cold-rolled stainless steel in Wuxi was quoted at 7,500-7,700 yuan/mt. 430 cold-rolled stainless steel in Wuxi was quoted at 7,350-7,550 yuan/mt. At 10:30 AM, the SHFE SS2412 contract price was 13,055 yuan/mt, with Wuxi stainless steel spot premiums at 280-480 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).

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