Foshan Stainless Steel Market: Stainless Steel Prices Went Weak as Pandemic Recurred and Light Transactions

SHANGHAI, Mar 18 (SMM) - Today, the prices of each series of stainless steel in Foshan spot market remained stable, while some manufacturers decreased prices of 304# after noon. LME nickel reached the limit down soon after the opening yesterday, while the trend of SHFE nickel returned from high level due to the Fed interest rate hikes and the decrease of domestic nickel demand with inflated prices. The fundamentals of stainless steel were weak, coupled with the worsening of the pandemic, markets were greatly affected. Demand is expected to be weak, while some processing plants suspended production with light market transactions. Prices of stainless steel fluctuated with range. SMM believed that the market will be in steady fluctuations in the short term. State-owned 304/2B deburred edge coil prices were 20,800-21,500 yuan/mt. Private-owned 304/2B burred edge coil prices were 20,100-20,400 yuan/mt. 304/NO. 1(166.67cm)quoted at 19,600-20,000 yuan/mt. SHFE SS2204 contract stood at 19,855 yuan/mt at 10:30am. Premiums of Foshan stainless spot stood at 415-715 yuan/mt (spot deburred edge= burred edge + 170)