Stainless Steel Market Prices Stable with Declines, Trading Remains Sluggish [SMM Stainless Steel Spot Daily Review]

March 20 Update, According to the SMM survey, the overall stainless steel market prices were stable on March 20, but quotations showed a downward trend, with extremely sluggish transactions. The most-traded 2505 futures contract fluctuated downward, and as transfer to delivery warehouse actions proceeded, prices declined. At 10:30 am, the SS2505 was quoted at 13,410 yuan/mt, down 40 yuan/mt. In Wuxi, the spot premiums and discounts for 304/2B were in the range of 110-330 yuan/mt. In the spot market, prices for different types of stainless steel varied. Among them, the price of 201/2B coils saw a noticeable decline. The average price in Wuxi dropped to 7,760 yuan/mt, a decrease of 50 yuan/mt from the previous day; the situation in Foshan was similar, with an average price also at 7,760 yuan/mt, down 50 yuan/mt. For 304/2B coil edge prices, the average in Wuxi remained stable at 13,460 yuan/mt, while in Foshan, it continued to hold at 13,350 yuan/mt, unchanged from the previous day. The price trend for 316L/2B coils was relatively stable, with averages in Wuxi and Foshan at 24,125 yuan/mt and 24,175 yuan/mt, respectively, showing no price fluctuations. The 430/2B coil prices were also steady, with Wuxi averaging 7,440 yuan/mt and Foshan 7,330 yuan/mt, both maintaining stability. On the demand side, with current price declines, the sentiment of waiting and watching intensified. Many buyers, concerned about further price drops, chose to hold cash, leading to very few transactions, which to some extent suppressed the activity in the stainless steel market, causing a stalemate. For any inquiries regarding stainless steel, please contact Yang Chaoxing at 021-20707860 or 13585549799 (WeChat available). Click to view SMM metal spot historical prices. Click to view the SMM metal industry database.