Market confidence in stainless steel is insufficient, and prices have broken historical lows again [SMM Stainless Steel Daily Review]

[SMM Stainless Steel Daily Review: Stainless Steel Market Lacks Confidence, Prices Break Historical Lows Again] SMM News on June 23: Today, the SS futures market saw a significant decline near the close of the daytime session, falling below the previous lows and hitting a new five-year low. The spot market continued its sluggish trend from the previous period, with Delong further lowering its stainless steel plate prices. Downstream customers remained cautious, making it difficult to sell goods and close transactions. Under the pressure to sell, traders had to reduce prices to stimulate transactions, but the downward price trend persisted. Meanwhile, the transaction price of ferronickel further declined today, dropping to 910 yuan/mtu, pushing down the cost support for stainless steel. In the futures market, the most-traded 2508 contract fell further. At 10:30 a.m., SS2508 was quoted at 12,505 yuan/mt, up 15 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 265-465 yuan/mt. In the spot market, the cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 7,650 yuan/mt; the cold-rolled mill edge 304/2B coils had an average price of 12,700 yuan/mt in Wuxi and 12,700 yuan/mt in Foshan; the cold-rolled 316L/2B coils were priced at 24,000 yuan/mt in Wuxi and 24,000 yuan/mt in Foshan; the hot-rolled 316L/NO.1 coils were quoted at 23,350 yuan/mt in both regions; the cold-rolled 430/2B coils were priced at 7,500 yuan/mt in both Wuxi and Foshan. Currently, the stainless steel market is in the traditional off-season for consumption, with downstream demand remaining sluggish. Despite enterprises generally facing losses, some steel mills...