Stainless Steel Inventory Continues to Build Up, Demand Awaits Release [SMM Stainless Steel Spot Daily Review]

Published: Feb 28, 2025 09:25

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[SMM Stainless Steel Spot Daily Review: Stainless Steel Inventory Continues to Build Up, Demand Awaits Recovery] On February 27, the SHFE stainless steel futures SS2505 most-traded contract was quoted at 13,200 yuan/mt at 10:30. Spot premiums for Wuxi stainless steel stood at -80 to -220 yuan/mt. In the spot market, inventories in Foshan, Wuxi, and other regions remained high, with some prices declining and transactions being mediocre. Demand remained sluggish, with only just-in-time procurement observed. Supply was relatively sufficient, cost support was limited, and stainless steel prices struggled to rise.

On February 27, the stainless steel futures market saw a tug-of-war between longs and shorts, while spot inventory continued to build up. Prices remained largely stagnant, with some showing a downward trend.

As of 10:30, the most-traded SHFE stainless steel futures contract SS2505 was quoted at 13,200 yuan/mt. The spot premiums for Wuxi stainless steel ranged from -80 to 220 yuan/mt. Note: spot trimmed-edge price = rough-edge price + 170 yuan/mt.

In the spot market, stainless steel inventories in major markets such as Foshan and Wuxi remained at high levels, with some spot stainless steel prices showing a downward trend. Market trading sentiment was mediocre and lacked vitality. Demand side, downstream customers mostly made just-in-time procurement, showing no strong purchasing intention. Supply side, despite some cost support, overall market supply remained abundant. The oversupply situation made it difficult for stainless steel prices to gain sufficient upward momentum.

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