Although downstream demand remains at a low level, it has already exceeded market off-season expectations [SMM Stainless Steel Spot Daily Review].

On January 15, the electronic trading market maintained a stable trend, while spot prices continued to rise. Although downstream demand remained at a low level, it exceeded the market's off-season expectations. As the holiday approached, market sentiment was sluggish, and transactions were muted. Market inventory saw a steady and slight destocking across all categories. Most of the market is expected to enter the holiday around the 23rd, with some already in holiday mode. 304 cold-rolled stainless steel in Wuxi was quoted at 12,900-13,200 yuan/mt, while 304 hot-rolled stainless steel in Wuxi was quoted at 12,400-12,600 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 7,600-7,750 yuan/mt. 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 13,195 yuan/mt, with Wuxi stainless steel spot premiums at -125 to -175 yuan/mt. (Spot trimmed edge = mill edge + 170 yuan/mt).

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