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Insufficient Support on the Raw Material Side, Spot Prices Decline Again [SMM Stainless Steel Spot Daily Review]
Jan 02, 2025, at 2:43 pm
[SMM Stainless Steel Spot Daily Review: Insufficient Support From Raw Materials, Spot Prices Decline Again] On December 31, the closing price of stainless steel futures dropped by 115 yuan compared to pre-holiday levels. With insufficient support from the raw material side, spot prices declined again by 100 yuan to a new low in the futures market...
On December 31, stainless steel futures prices closed 115 yuan lower compared to pre-holiday levels, as raw material support weakened and spot prices further declined by 100 yuan to a new low in the futures market. At the beginning of the new year, the market showed significant demand for fund recovery and preemptive sentiment. In the morning, 304 cold-rolled stainless steel in Wuxi was quoted at 12,900-13,000 yuan/mt, 304 HRC 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 7,400-7,700 yuan/mt, and 430 cold-rolled stainless steel in Wuxi at 7,150-7,450 yuan/mt. At 10:30 a.m., SHFE SS2502 contract was priced at 12,810 yuan/mt, with Wuxi stainless steel spot premiums at 260-360 yuan/mt (spot trimmed edge = mill edge + 170 yuan/mt).
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