Stainless Steel Returns to Pre-National Day Levels, Low-Price Transactions Improve [SMM Stainless Steel Spot Daily Review]

On October 24, stainless steel futures continued to weaken, and 304 spot prices continued to decline. The main reason was that after the macro front news was digested, the speculative demand from traders and institutions weakened, and downstream only maintained rigid demand procurement with a strong wait-and-see sentiment. The sentiment to stand firm on quotes for raw materials still existed, but the overall inventory of stainless steel was relatively high, and actual transactions were poor. The market generally accepted that spot prices had returned to pre-holiday levels, and currently, low-price transactions were moderate. Prices of all series were adjusted downward during the day, and it is expected that spot prices will fluctuate downward in the short term. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 13,550-14,000 yuan/mt, and 304 hot-rolled stainless steel in Wuxi was quoted at 13,050-13,250 yuan/mt. 316L cold-rolled stainless steel in Wuxi was quoted at 245,000-25,500 yuan/mt. 201J1 cold-rolled stainless steel in Wuxi was quoted at 7,900-8,100 yuan/mt. 430 cold-rolled stainless steel in Wuxi was quoted at 7,500-7,600 yuan/mt. At 10:30, the SHFE SS2412 contract price was 13,480 yuan/mt, and Wuxi stainless steel spot premiums were 240-690 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).