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Prices of Spot Stainless Steel Stayed Stable before the National Day Holiday

2022-09-29
On September 28, spot prices of stainless steel in Wuxi and Foshan markets were stable.

The rhythm of arrivals was normal, but the unfavourable growth of demand put some pressure on the spot inventory.

As the National Day holiday is approaching, the spot prices are expected to run steadily in the short term because of the traders’ withdrawal of funds.

In terms of cost, the prices of high-grade NPI remained unchanged. The short-term NPI inventory cannot be consumed normally due to the steel mills’ cautious purchases.

The NPI plants were less willing to hold firm prices in order to prevent the subsequent NPI prices and inventories from dropping. The NPI prices may stabilise or remain rangebound in the short term.

Ferrochrome prices rose somewhat. Mainstream steel mills’ bid price of ferrochrome in October is low, and few manufacturers plan to cut their production in the near future, thus the prices of chrome ore were basically stable.

It is expected that the prices of high-carbon ferrochrome will hardly rise though the plants intend to hold firm prices. Prices of #304 cold-rolled coils moved between 17,000-17,200 yuan/mt, and those of #304 hot-rolled coils were between 16,150-16,550 yuan/mt. #316L/2B was quoted at 27,600-28,400 yuan/mt in morning trade, #201/2B at 9,700-10,000 yuan/mt, and #430/2B at 8,000-8,300 yuan/mt. As of 10:30 a. m.

(Beijing time), the SHFE SS 2210 contract stood at 16,520 yuan/mt, and the spot premiums in Wuxi were 650-850 yuan/mt. (Spot prices of deburred edge products = Spot prices of burr edge products + 170 yuan/mt).

Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.