SMM

On December 25, stainless steel futures slightly declined again, but spot prices did not follow the drop further. Supply side, arrivals remained stable, with total volumes still steady. However, due to the impact of the year-end off-season, downstream purchasing demand weakened, market sentiment was low, and the spot market continued to operate stably at low levels, with destocking as the main focus. In the short term, stainless steel spot prices are expected to remain at low levels. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 12,950-13,200 yuan/mt, 304 hot-rolled stainless steel in Wuxi at 12,400-12,500 yuan/mt, 316L cold-rolled stainless steel in Wuxi at 23,600-23,800 yuan/mt, 201J1 cold-rolled stainless steel in Wuxi at 7,400-7,800 yuan/mt, and 430 cold-rolled stainless steel in Wuxi at 7,350-7,550 yuan/mt. At 10:30 a.m., the SHFE SS2502 contract price was 13,000 yuan/mt, with Wuxi stainless steel spot premiums at 120-370 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).