Spot Prices Continue to Rise as Market Expectations Gradually Improve Compared to Early This Month [SMM Stainless Steel Spot Daily Review]

On January 14, the futures market dropped slightly during the night session. In the morning, stainless steel electronic futures opened lower but later rebounded. Spot prices continued to rise, and market sentiment gradually improved compared to early in the month. Downstream demand remained stable at low levels, with a small number of traders engaging in restocking activities. The dominant sentiment was destocking, and overall social inventory continued to decline. 304 cold-rolled stainless steel in Wuxi was quoted at 12,900-13,200 yuan/mt, 304 hot-rolled stainless steel in Wuxi at 12,300-12,500 yuan/mt, 316L cold-rolled stainless steel in Wuxi at 23,600-23,800 yuan/mt, 201J1 cold-rolled stainless steel in Wuxi at 7,600-7,750 yuan/mt, and 430 cold-rolled stainless steel in Wuxi at 7,150-7,450 yuan/mt. At 10:30 a.m., the SHFE SS2503 contract price was 13,185 yuan/mt, with Wuxi stainless steel spot premiums at -115 to -185 yuan/mt (spot trimmed edge = mill edge + 170 yuan/mt).

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