SS Contract Grows Slowly, while the Spot Transactions Stagnate

Published: Jan 20, 2023 16:48 (GMT+8)

Source: SMM

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SS contract fluctuated within a wide range this week.

SHANGHAI, Jan 20 (SMM) - SS contract fluctuated within a wide range this week. Compared with the stable spot prices, the futures prices rose for several days. On the supply side, stainless steel factories did not ship goods to the market this week. On the demand side, logistics services in many places were suspended, and downstream companies are already on holiday. Stainless steel prices were firmly supported by the costs this week. Prices of high-grade NPI rose slightly. Most of the NPI factories held low in-plant inventories of finished products. Besides, logistics services were suspended before the Chinese New Year. In such a context, some downstream enterprises restocked raw materials beforehand due to worries that the NPI prices will rise rapidly post the holiday. It is expected that the NPI prices will be stable in the short term. Prices of high-carbon ferrochrome were stable. With the approach of the CNY holiday, most of the retail sales of spot ferrochrome were suspended. SMM believes that the bid prices of ferrochrome may grow in February with firm support of costs. Stainless steel supply and demand may both increase after the CNY holiday. SMM predicts that the rise fluctuate with some ups, and the futures prices will climb accordingly.

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