Low-Priced #304 Stainless Steel Spot Supply Decreased [SMM Stainless Steel Spot Daily Review]

On July 2, according to an SMM survey, stainless steel futures prices continued to rise, and Tsingshan Group kept guidance prices flat. The trading atmosphere for both #304 CRC and HRC was hot, with low-priced resources seeing price increases and high-priced quotes remaining stable. For #316L stainless steel, recent declines in raw material prices and weak downstream demand have led to a strong willingness among traders and agents to sell at lower prices, though many steel mills showed intentions to hold prices firm. The prices are expected to decrease in the near term. In the morning, #304 CRC in Wuxi was quoted at 13,900-14,200 yuan/mt, and #304 HRC in Wuxi was quoted at 13,300-13,500 yuan/mt. #316L CRC in Wuxi was quoted at 24,600-25,100 yuan/mt. #201J1 CRC in Wuxi was quoted at 8,600-8,800 yuan/mt. #430 CRC in Wuxi was quoted at 8,050-8,150 yuan/mt. At 10:30 AM, the SHFE SS2409 contract price was 14,145 yuan/mt, with stainless steel spot premiums in Wuxi at -70-330 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).