March 14—
According to the SMM survey, stainless steel market prices continued to rise on March 14, with varying degrees of increases in major trading markets such as Wuxi and Foshan. On the futures side, the most-traded 2505 contract fluctuated at high levels, showing an overall upward trend. At 10:30 a.m., the SS2505 was quoted at 13,680 yuan/mt, up by 105 yuan. In Wuxi, the spot premiums/discounts for 304/2B were in the range of -210-40 yuan/mt. The closing price of the 2505 contract was 13,585 yuan, up by 0.59%. This week, prices for both spot and futures saw varying degrees of increases due to a supply-demand mismatch in fundamentals, mainly driven by sentiment. Price changes
In the spot market, 200-series: In Wuxi, 201/2B coils were priced at 7,760-7,900 yuan/mt, with a nationwide average price of 7,830 yuan/mt, up by 20 yuan/mt; in Foshan, prices were 7,770-7,900 yuan/mt, with an average of 7,835 yuan/mt, up by 10 yuan/mt; the nationwide average price was 7,920 yuan/mt, up by 14 yuan/mt. 300-series: Prices for various 304 specifications in Wuxi and Foshan increased by 20-75 yuan/mt, while the nationwide average prices for 304/2B coils and 304/No.1 coils also rose. Prices for 316L remained mostly stable. 400-series: Prices for 430/2B coils and 409L/2B coils in Foshan increased by 10-15 yuan/mt, while some prices in Wuxi remained stable. The nationwide average price for 430/2B coils saw a slight increase.
Weekly market commentary: Spot prices rose, driven by futures, but downstream buyers remained cautious, purchasing as needed, which limited transactions. On the cost side, rising prices for high-nickel pig iron, South African chrome ore, and 304 stainless steel scrap pushed up production costs. However, steel mills maintained certain profit margins by raising prices. Supported by higher costs and strong futures, the market remained robust, with traders standing firm on quotes. Uncertainty is expected next week, as the fundamentals of supply and demand and inventory levels are unlikely to support sustained price increases.
For any inquiries about stainless steel, please contact Yang Chaoxing at 021-20707860 or 13585549799 (WeChat available).
