Stainless steel transactions have recovered somewhat, and stainless steel inventory has pulled back during the week [SMM Stainless Steel Daily Review]

[SMM Stainless Steel Daily Review: Stainless Steel Trading Recovers, Stainless Steel Inventory Pulls Back During the Week] SMM reported on July 3 that the SS futures market continued to strengthen, further exploring and successfully breaking through the 12,700 yuan/mt threshold. In the spot market, driven by the continuous rise in the futures market, the activity of the stainless steel spot market improved, and trading conditions also recovered. Despite being in the off-season for consumption, the upward momentum of stainless steel spot prices was not as strong as that of the futures market. However, driven by the futures market, the supply of low-priced goods in the early stage gradually decreased. During the week, the social inventory of stainless steel further declined, pulling back by 1.42% WoW to 978,000 mt. In the futures market, the most-traded contract 2508 strengthened and rose. At 10:30 a.m., SS2508 was quoted at 12,675 yuan/mt, up 40 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 135 to 335 yuan/mt. In the spot market, the cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 7,625 yuan/mt; the cold-rolled trimmed 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 23,800 yuan/mt in Wuxi and 23,800 yuan/mt in Foshan; the hot-rolled 316L/NO.1 coils were both quoted at 23,100 yuan/mt in the two regions; the cold-rolled 430/2B coils were both priced at 7,250 yuan/mt in Wuxi and Foshan. Currently, the stainless steel market is still in the traditional off-season for consumption, with downstream demand failing to match the current supply level. In addition, the US...