Downstream Has Not Fully Resumed Operations, Supply-Demand Mismatch Continues in the Short Term [SMM Stainless Steel Spot Daily Review]

On February 5, stainless steel electronic trading remained stable after the holiday, with spot prices for the 200-series increasing slightly, while other steel grades showed no changes. Currently, downstream traders have not fully resumed operations, leading to weak demand. Coupled with pre-holiday steel mill shipments and inventory pre-positioning, the supply-demand mismatch persists in the short term. In Wuxi, 304 cold-rolled stainless steel was quoted at 13,000-13,300 yuan/mt, 304 HRC at 12,400-12,600 yuan/mt, 316L cold-rolled at 23,600-23,800 yuan/mt, 201J1 cold-rolled at 7,700-7,800 yuan/mt, and 430 cold-rolled at 7,150-7,450 yuan/mt. At 10:30 a.m., the SHFE SS2503 contract price was 13,390 yuan/mt, with Wuxi stainless steel spot premiums at -220-80 yuan/mt (spot trimmed edge = mill edge + 170 yuan/mt).

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