Cost Support Leads to Spot Stainless Steel Rising While Futures Fall, with Mediocre Transactions and Strong Downstream Wait-and-See Sentiment [SMM Stainless Steel Spot Daily Review]

March 31, due to cost support, stainless steel spot prices showed an upward trend, but downstream wait-and-see sentiment was strong, and trading was mediocre. On the futures side, the most-traded contract 2505 fluctuated downward. At 10:30 am, SS2505 was quoted at 13,445 yuan/mt, down 45 yuan/mt. Affected by the decline in SHFE nickel prices, the price of the most-traded stainless steel futures contract also declined. In Wuxi, the spot premiums and discounts for 304/2B were in the range of 325-625 yuan/mt. Today, spot prices rose. Cost support drove prices upward, with some steel mills and spot traders raising their offers, although trading remained mediocre. By series, the price of cold-rolled 201/2B coil in Wuxi was 8,200 yuan/mt, and in Foshan, it was 8,225 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 23,600 yuan/mt, and in Foshan, it was 23,650 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. Downstream demand fell short of expectations, and with cost support, stainless steel prices maintained a slight fluctuation trend. For any inquiries regarding stainless steel, please contact Chaoxing Yang at 021-20707860 or 13585549799 (WeChat same number). Click to view SMM metal spot historical prices. Click to view SMM metal industry database.