East China Steel Mills Saw Significant Production Cuts in January, Potentially Balancing the Market's Supply-Demand Imbalance [SMM Stainless Steel Spot Daily Review]

On January 9, stainless steel futures on the market continued to rise compared to yesterday but pulled back in the afternoon. Spot prices stabilized from the downward trend and showed signs of recovery. In January, significant production cuts by steel mills in east China may balance the market's strong supply and weak demand, providing support for prices. In the morning, 304 cold-rolled in Wuxi was quoted at 12,800-13,000 yuan/mt, 304 HRC in Wuxi at 12,300-12,500 yuan/mt, 316L cold-rolled in Wuxi at 23,600-23,800 yuan/mt, 201J1 cold-rolled in Wuxi at 7,400-7,700 yuan/mt, and 430 cold-rolled in Wuxi at 7,150-7,450 yuan/mt. At 10:30 a.m., the SHFE SS2503 contract price was 13,210 yuan/mt, with Wuxi stainless steel spot premiums at -240 to -40 yuan/mt (spot trimmed edge = mill edge + 170 yuan/mt).

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