Stainless Steel Market Prices Continue to Rise, Transactions Diverge Amid Tug-of-War Between Longs and Shorts [SMM Stainless Steel Spot Daily Review]

March 12—According to an SMM survey, stainless steel market prices continued to rise on March 12.

Futures side, the most-traded SS2505 contract fluctuated around 13,490 yuan/mt in the morning session before surging to 13,550 yuan/mt, showing a significant increase. As of 10:30, the SS2505 was quoted at 13,490 yuan/mt, up by 25 yuan. In Wuxi, the spot premiums/discounts for 304/2B ranged from -120 to 200 yuan/mt.
Spot market prices rose, with steel mills and traders firmly quoting higher prices, generally increasing by 50-100 yuan/mt, while the actual transaction prices for the 300-series rose by 20-50 yuan/mt. Market sentiment was bullish, and spot sellers were active in both selling and restocking. However, downstream enterprises remained calm in their purchasing, restocking only as needed. On the same day, inquiries for stainless steel increased in the Wuxi market, with fewer low-priced resources available. Most merchants either maintained stable prices or raised them, with price hikes seen in both the 300-series and 400-series. In the Foshan market, spot prices were slightly up overall, but transactions remained sluggish. Downstream merchants lacked strong confidence in price increases and were minimally influenced by favourable macro front, maintaining cautious purchasing operations.

Sentiment remained subdued, and purchasing actions were slow.

For any inquiries regarding stainless steel, please contact Chaoxing Yang at 021-20707860 or 13585549799 (WeChat available).

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