Stainless Steel Returns to Fundamentals After Bullish Factors Exhausted; Stainless Steel Mills Stand Firm on Quotes but Market Prices Decline [SMM Stainless Steel Spot Daily Review]

On October 17, stainless steel prices showed mixed movements. Due to a major stainless steel mill imposing price limits on agents, the price of 304 cold-rolled stainless steel was significantly raised. However, resources from other mills saw price reductions due to poor market transactions and a sharp drop in stainless steel futures, leading traders to lower prices to clear inventory, widening the overall price range. For the 200 and 400 series, recent shipments and arrivals have kept prices relatively stable. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 13,900-14,400 yuan/mt, and 304 hot-rolled stainless steel in Wuxi was quoted at 13,450-13,550 yuan/mt. 316L cold-rolled stainless steel in Wuxi was quoted at 24,900-25,500 yuan/mt. 201J1 cold-rolled stainless steel in Wuxi was quoted at 8,000-8,400 yuan/mt. 430 cold-rolled stainless steel in Wuxi was quoted at 7,600-7,800 yuan/mt. At 10:30 AM, the SHFE SS2412 contract price was 14,045 yuan/mt, with Wuxi stainless steel spot premiums ranging from 20 to 470 yuan/mt (Spot cut edge = uncut edge + 170 yuan/mt).