February 28—
According to SMM, the stainless steel market showed a mediocre trading performance this week. On the futures side, the most-traded stainless steel futures contract SS2505 experienced frequent fluctuations. As of 10:30 on February 28, the SS2505 contract was quoted at 13,235 yuan/mt. Meanwhile, spot premiums and discounts for 304/2B fluctuated significantly, with spot premiums in Wuxi ranging from -65 to 235 yuan/mt.
In the spot market, inventories continued to expand across regions, while demand did not see a significant increase, resulting in only slight price fluctuations. Specifically, the average prices of 304/2B mill-edge coils in Wuxi and Foshan rose by 50 yuan/mt and 25 yuan/mt, respectively, with the nationwide average price increasing by 40 yuan/mt. Prices for 304/No.1 coils also saw varying degrees of increase. In contrast, prices for 316L and 400 series stainless steel remained mostly stable, with no changes in the average prices of 316L/2B coils (Wuxi, Foshan) and 430/2B coils (Wuxi, Foshan, nationwide).
Analyzing the overall situation this week, material prices for various stainless steel series generally showed stable fluctuations. Cost factors posed significant resistance to price declines, while lackluster downstream demand and ample market supply limited the momentum for price increases.
Looking ahead, stainless steel inventories are expected to enter a destocking cycle in mid-to-late March. As inventory pressure eases, prices may show a stable upward trend.
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