Spot Stainless Steel Prices Grow Slightly Following the Futures Prices

SHANGHAI, Feb 23 (SMM) - On February 23, the spot prices of stainless steel in the Wuxi and Foshan markets stabilised with occasional ups. According to SMM research, the #304 cold-rolled coil transactions were average, and the demand cannot be smoothly transmitted to the terminal sector. Hot-rolled coil trading was acceptable. The market inventory fell thanks to the stainless steel mills’ reduction in shipments. Futures prices rose yesterday, and the spot quotes grew somewhat. But the traded prices remained almost unchanged. The transaction of 200-series stainless steel was poor. The overseas orders were lower than expected, pushing up the market inventory. SMM expects the spot stainless steel prices to be stable in the short term. In Wuxi market, #304 cold-rolled coil was quoted at 17,100-17,300 yuan/mt; #304 hot-rolled coil at 16,700-16,900 yuan/mt; #316L cold-rolled coil at 33,500-34,000 yuan/mt; #201J1 cold-rolled coil at 9,700-9,800 yuan/mt; #430 cold-rolled coil at 8,300-8,500 yuan/mt. As of 10:30 a.m., the SHFE SS 2303 contract stood at 16,825 yuan/mt, and the spot stainless steel premiums in Wuxi were 445-645 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt)