Stainless Steel Market Prices Steady to Rising; Downstream Purchases Remain Cautious [SMM Stainless Steel Spot Daily Review]

March 13—

According to an SMM survey, stainless steel market prices continued to rise on March 13. On the futures side, the most-traded 2505 contract fluctuated at high levels. At 10:30 a.m., the SS2505 was quoted at 13,575 yuan/mt, up by 25 yuan. In Wuxi, the spot premiums/discounts for 304/2B were in the range of -155 to -145 yuan/mt.
Spot market prices continued to climb, with a general increase of 50 yuan/mt, while actual transactions were subject to negotiation. The market showed polarization, with stainless steel mills and traders holding strong bullish sentiment, while downstream enterprises maintained minimal restocking due to a lack of significant order growth and existing inventories being sufficient for ongoing needs.

The spot market performances in Wuxi and Foshan diverged. The Wuxi market remained highly active, with prices for various types of 304 coil rising across the board. For instance, the average price of 304/2B coil (mill edge) increased by 40 yuan/mt. The market exhibited a sharp rise in inquiries and a tightening supply of low-priced resources. Sellers showed a strong willingness to sell, adopting stable or higher pricing strategies. Prices for both 300-series and 400-series products saw varying degrees of increase, reflecting the market's strong bullish sentiment.
In contrast, the Foshan market was relatively subdued, with prices only slightly rising. For the same 304/2B coil (mill edge), the average price increased by just 25 yuan/mt. Transactions were less than ideal, as downstream merchants lacked confidence in the price increase. Their response to favourable macro front stimuli was muted, and purchasing behavior remained cautious, continuing the calm procurement trend observed on March 12.

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

》Click to view SMM historical spot metal prices

》Click to view the SMM metal industry database