Stainless Steel Quotes Enthusiastic but Transactions Remain Sluggish; Demand Release Constrained [SMM Stainless Steel Spot Daily Review]

March 5—

According to SMM, the stainless steel market continued to exhibit a mediocre trading atmosphere this week. On the futures side, the most-traded stainless steel futures contract 2505 first declined from a high level and then rebounded. As of 10:30 on March 5, the SS2505 most-traded contract was quoted at 13,225 yuan/mt. Meanwhile, the premiums and discounts for 304/2B spot stainless steel fluctuated significantly, with spot premiums in Wuxi ranging from -55 to 245 yuan/mt.

In the spot market, despite the high enthusiasm for quoting and the influx of various offers, actual transactions were extremely scarce. Some steel mills continued to raise their offer prices, a move that drew widespread attention in the market, akin to a stone causing ripples in a calm lake. However, most other producers adopted a cautious stance, refraining from following the price hikes and opting to observe market dynamics.

From a regional price perspective, prices in major stainless steel trading markets such as Wuxi and Foshan remained relatively stable within a narrow range. However, small-lot transaction prices showed relatively small fluctuations. Overall, shipment levels fell far short of expectations, clearly indicating that the current market demand release process has encountered certain obstacles. Revitalizing market activity will require more time and additional positive factors.

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