Downstream Purchase Willingness for Stainless Steel Is Low, Cost-Driven Prices Remain Firm [SMM Stainless Steel Spot Daily Review]

April 2nd, the stainless steel spot market showed weak activity today, with downstream purchasing enthusiasm remaining low. Some stainless steel prices rose due to manufacturers' price hikes and cost increases. On the futures side, the most-traded contract 2505 fluctuated at high levels. At 10:30 AM, SS2505 was quoted at 13,570 yuan/mt, up 65 yuan/mt from the previous trading day. In Wuxi, the spot premiums and discounts for 304/2B ranged between 200-500 yuan/mt. In the spot market, 200-series prices increased, 304 prices stabilized, and 316L hot-rolled coil prices rose. Supported by costs, prices edged up, but market transactions were moderate. Specifically, cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 8,350 yuan/mt; cold-rolled trimmed 304/2B coils averaged 14,050 yuan/mt in Wuxi and 13,975 yuan/mt in Foshan; cold-rolled 316L/2B coils in Wuxi were priced at 24,350 yuan/mt, while in Foshan at 24,550 yuan/mt; hot-rolled 316L/NO.1 coils were quoted at 23,700 yuan/mt in both regions; cold-rolled 430/2B coils in Wuxi and Foshan were both priced at 7,500 yuan/mt. It is expected that with the gradual release of downstream demand and strong support from the cost side, stainless steel prices are likely to remain firm. For any inquiries regarding stainless steel, please contact Yang Chaoxing at 021-20707860 or 13585549799 (WeChat same number). Click to view SMM metal spot historical prices. Click to view SMM metal industry database.