Downstream Stainless Steel Traders Have Basically Resumed Operations, and Market Inventory Has Begun Initial Digestion [SMM Stainless Steel Spot Daily Review]

On February 10, stainless steel futures slightly declined within a narrow range, while spot prices remained firm and even saw a slight increase. Upstream raw material prices provided significant support. Prices of NPI, high-carbon ferrochrome, and stainless steel scrap remained stable with slight upward adjustments. Market sentiment became active today as downstream traders resumed operations, and market inventory began to be gradually digested. 304 cold-rolled stainless steel in Wuxi was quoted at 13,050-13,400 yuan/mt, 304 hot-rolled stainless steel in Wuxi at 12,450-12,600 yuan/mt, 316L cold-rolled stainless steel in Wuxi at 23,800-24,200 yuan/mt, 201J1 cold-rolled stainless steel in Wuxi at 7,750-7,800 yuan/mt, and 430 cold-rolled stainless steel in Wuxi at 7,200-7,450 yuan/mt. At 10:30 a.m., the SHFE SS2503 contract was priced at 13,280 yuan/mt, with Wuxi stainless steel spot premiums at -60 to 290 yuan/mt (spot trimmed edge = mill edge + 170 yuan/mt).

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