Futures Opened Higher, Spot Support Insufficient [SMM Stainless Steel Spot Daily Review]

On December 31, stainless steel futures prices opened 125 yuan higher MoM. However, due to recent reductions in guidance prices by stainless steel mills and insufficient support from raw material prices, spot prices continued to operate at low levels. Currently, supply remains stable with normal arrivals, but as the year-end approaches, downstream purchasing demand weakened, operating rates were low, and market stocking willingness was not high. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 12,950-13,200 yuan/mt, 304 hot-rolled stainless steel in Wuxi at 12,400-12,500 yuan/mt, 316L cold-rolled stainless steel in Wuxi at 23,600-23,800 yuan/mt, 201J1 cold-rolled stainless steel in Wuxi at 7,400-7,700 yuan/mt, and 430 cold-rolled stainless steel in Wuxi at 7,150-7,450 yuan/mt. At 10:30 a.m., the SHFE SS2502 contract price was 12,925 yuan/mt, with Wuxi stainless steel spot premiums at 195-445 yuan/mt (spot trimmed edge = mill edge + 170 yuan/mt).

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