Stainless Steel Market Expected to Improve as Bullish Sentiment Emerges After Hitting Bottom [SMM Stainless Steel Spot Daily Review]

Published: Jan 8, 2025 11:19

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[SMM Daily Review of Stainless Steel Spot Market: Stainless Steel Market Expectations Improve, Bullish Sentiment Emerges After Hitting Bottom] On January 8, stainless steel futures on the market continued to edge up slightly, while spot prices remained weak and temporarily stabilized at low levels, halting the downward trend.

On January 8, stainless steel futures on the market showed a slight upward trend, while spot prices remained weak and stabilized at low levels, halting the downward trend. Coupled with a 200-yuan increase in 304 prices by east China steel mills, market sentiment improved, and a bullish outlook emerged after hitting bottom. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 12,800-13,000 yuan/mt, 304 hot-rolled stainless steel in Wuxi was quoted at 12,300-12,500 yuan/mt, 316L cold-rolled stainless steel in Wuxi was quoted at 23,600-23,800 yuan/mt, 201J1 cold-rolled stainless steel in Wuxi was quoted at 7,400-7,700 yuan/mt, and 430 cold-rolled stainless steel in Wuxi was quoted at 7,150-7,450 yuan/mt. At 10:30 a.m., the SHFE SS2503 contract price was 12,950 yuan/mt, with Wuxi stainless steel spot premiums ranging from 20 to 220 yuan/mt (spot trimmed edge = mill edge + 170 yuan/mt).

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