SHANGHAI, Jan 11 (SMM) — As the price of stainless steel continued to increase, the profit margins for the plants were improved, and the profit based on full cost at the stainless steel plants with NPI facilities turned positive. Based on the daily raw material inventories, the profit was about 330 yuan/mt, and the profit was about 212 yuan/mt based on the daily raw materials.
Downstream users started to restock on the first trading day after the New Year's Day holiday. Spot prices increased amid active transactions and tight supply. Some agents have suspended the sale of full rolls and only quote for plates so as to reserve the resources. On January 7, the SS2103 futures contract rose to the limit up in the morning, and in the afternoon, futures prices of Tsingshan Steel rose by 600-800 yuan/mt, driving up the spot prices sharply. The price of 304 cold-rolled coils-raw edge moved between 14,800-15,300 yuan/mt, with the average price up 700 yuan/mt. The price of 304 hot-rolled coils was between 14,500-14,600 yuan/mt, and the average price rose 450 yuan/mt.
Maintenance at stainless steel plants
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