The stainless steel market showed a fluctuating downward trend at the beginning of the week, with a slight rebound in spot prices later supported by cost factors. [SMM Stainless Steel Spot Daily Review]

Published: Mar 28, 2025 15:30

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SMM Stainless Steel Spot Daily Review: Stainless Steel Market Shows Weak Fluctuating Trend at the Start of the Week, Later Supported by Costs Leading to a Slight Rebound in Spot and Futures Prices. From March 24-28, 2025, stainless steel spot prices rose, with market activity and downstream cargo pick-up remaining moderate. Social inventory saw slight destocking but still faced significant resistance. The most-traded futures contract 2505 reversed its downward trend and fluctuated upward. On the futures side, strengthening raw material prices on the cost side supported futures prices, while downstream just-in-time procurement and high inventory levels characterized the supply and demand situation. Spot market activity increased, with just-in-time procurement and varying performance in spot prices across different series. Considering cost support, expected raw material supply, and demand, stainless steel prices are expected to maintain a fluctuating trend in the future.

March 28th, 2025 -

Weekly Stainless Steel Market Review: This week (March 24th to March 28th, 2025), spot prices showed an upward trend, with moderate market activity and downstream cargo pick-up. Social inventory experienced slight destocking, but inventory resistance remained high. In the futures market, the most-traded contract 2505 reversed its downward trend and fluctuated upward. By April 28th, the most-traded futures contract 2505 continued to fluctuate upward, with the SS2505 quoted at 13,490 yuan/mt at 10:30 AM, up by 105 yuan/mt. Prices climbed due to rising raw material costs. In the Wuxi region, the spot premiums/discounts for 304/2B ranged from 180 to 430 yuan/mt.

Futures Market: This week, the price of the most-traded stainless steel futures contract 2505 fluctuated upward. The price of the most-traded contract 2505 rose from around 13,350 yuan/mt at the beginning of the week to 13,550 yuan/mt by Friday, showing a strong upward trend. Cost side, the prices of raw materials such as high-nickel iron strengthened, supporting futures prices. Supply and demand side, downstream just-in-time procurement continued, with inventory remaining at a relatively high level. Overall, cost support and a loose supply situation remain unchanged, and the market may fluctuate upward in the short term, while long-term prospects depend on the recovery of downstream demand.

Spot Market: This week, spot market activity increased, with downstream just-in-time procurement and moderate cargo pick-up. Social inventory experienced slight destocking, but inventory resistance remained high. Spot prices rebounded this week, with cost support leading to a pullback followed by a rebound. By series, the price of cold-rolled 201/2B coil in Wuxi was 8,150 yuan/mt, and in Foshan, it was 8,175 yuan/mt. The average price of cold-rolled trimmed 304/2B coil in Wuxi was 14,025 yuan/mt, and in Foshan, it was 13,950 yuan/mt. The price of cold-rolled 316L/2B coil in Wuxi was 24,300 yuan/mt, and in Foshan, it was 24,550 yuan/mt. The price of hot-rolled 316L/NO.1 coil in Wuxi was 23,400 yuan/mt, and in Foshan, it was 23,450 yuan/mt. The price of cold-rolled 430/2B coil in Wuxi was 7,500 yuan/mt, and in Foshan, it was 7,475 yuan/mt.

In summary, due to cost support, some raw materials may face tight supply, while downstream demand is expected to persist. It is anticipated that stainless steel prices will maintain a fluctuating trend in the future.

For any inquiries regarding stainless steel, please contact Chaoxing Yang at 021-20707860 or 13585549799 (WeChat ID same as phone number).

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