Stainless Steel Inventory Pulls Back While Demand Remains Weak, Short-Term Prices Stabilize [SMM Stainless Steel Spot Daily Review]

SMM Stainless Steel Spot Market Daily Review: Stainless Steel Inventory Pulls Back While Demand Remains Weak, Short-Term Prices Stabilize. On April 24, SS futures showed a volatile pattern, with price movements lacking clear direction, and the spot market continued its previous stable trend. As the Labour Day holiday approaches, the anticipated pre-holiday stockpiling demand did not materialize, and downstream buyers remained cautious with a strong wait-and-see sentiment. Transactions were mainly concentrated on low-priced warrant supplies, and the overall trading atmosphere was subdued, with low market activity. In the futures market, the most-traded contract SS2506 stopped falling and began to rebound. At 10:30 AM, SS2506 was quoted at 12,745 yuan/mt, down 40 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B were in the range of 425-625 yuan/mt. In the spot market, the average price of cold-rolled trimmed 304/2B coils in Wuxi was 13,100 yuan/mt, while in Foshan it was 13,150 yuan/mt. In Wuxi, the price of cold-rolled 316L/2B coils was 23,650 yuan/mt, and in Foshan it was 23,800 yuan/mt. The price of hot-rolled 316L/NO.1 coils was quoted at 22,900 yuan/mt in both regions. Notably, social inventory of stainless steel declined significantly this week. After the release of related data in the afternoon, market sentiment was somewhat boosted, and coupled with the rebound in the futures market, stainless steel quotations were raised. However, downstream customers still maintained a wait-and-see attitude, with low purchasing enthusiasm. Currently, the cautious wait-and-see sentiment in the market is difficult to alleviate in the short term, and downstream end-use demand remains weak. It is expected that stainless steel prices will maintain a relatively stable trend in the short term.