Spot Stainless Steel Prices Remain Stable with Occasional Ups

SHANGHAI, Feb 21 (SMM) - On February 21, the spot prices of stainless steel in the Wuxi and Foshan markets stabilised with some ups. According to SMM research, the recent #304 hot-rolled coil transactions were acceptable. Besides, yesterday, a stainless steel mill in east China tentatively decided not to ship #304 hot-rolled coils to the east China market next week so as to gradually ease the inventory pressure of hot-rolled coils. The futures prices edged higher. Spot quotes of cold-rolled coils rose slightly within the day, but the transactions were average. Warrant trading also weakened. On the whole, stainless steel mills have recently controlled the pace of shipments, and social inventory may decrease slowly. It is expected that the spot prices of stainless steel will temporarily stabilise in the short term. The #304 cold-rolled coil in Wuxi was quoted at 17,000-17,300 yuan/mt, and the average price across China stood at 17,020 yuan/mt. Prices of #304 hot-rolled coils in Wuxi were 16,600-16,800 yuan/mt, and the average price across China was 16,705 yuan/mt. Quotes of #316L cold-rolled coils in Wuxi moved between 33,600-34,000 yuan/mt, and the average price across China was 33,800 yuan/mt. Quotes of #201J1 cold-rolled coils in Wuxi moved between 9,650-9,750 yuan/mt, and the average price across China was 9,740 yuan/mt. #430 cold-rolled coils in Wuxi were quoted at 8,300-8,500 yuan/mt, and the average price across China stood at 8,440 yuan/mt. As of 10:30 a.m., the SHFE SS 2303 contract stood at 16,780 yuan/mt, and the spot stainless steel premiums in Wuxi were 390-690 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt)