Stainless Steel Price Weakened

On September 21, according to SMM research, the stainless steel market plunged sharply today. The market sentiment was relatively panicked, and the spot price of stainless steel weakened along with the market. There is a large accumulation of social inventory this week, mainly hot-rolled. It is reported that a large number of spot resources have arrived in the warehouse during the week, and there are even cases of October resources being distributed in advance. Terminal demand continues to wait and see as prices fall, and procurement demand may be delayed until after the holiday. Stainless steel prices are expected to run weakly. In the morning of that day, the price of 304 cold rolled steel in Wuxi area was 15,300-15,700 yuan/ton. The price of 304 hot rolled steel in Wuxi area is 14,800-14,900 yuan/ton. The price of 316L cold rolled steel in Wuxi area is 26,700-28,300 yuan/ton. The price of 201J1 cold rolled steel in Wuxi area is 9100-9200 yuan/ton. The price of 430 cold rolled steel in Wuxi area is 8400-8500 yuan/ton. SHFE10: The contract price of 30-minute SS2310 is 15,575 yuan/ton, and the spot premium of Wuxi stainless steel is -5-295 yuan/ton. (Spot trimming = raw edge + 170 yuan/ton).

Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn