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Spot Stainless Steel Prices Grew Apace in the Vigorous Market

SHANGHAI, Oct 24  - Last week, the spot prices of #304 stainless steel surged, with a weekly increase of more than 500 yuan/mt, following the soaring futures prices. 

The market transactions were active last week, and most of the trading was among traders. The terminal companies could barely accept the mushrooming stainless steel prices that were contributed by the tight spot supply of various raw materials and their high prices. 

On the supply side, steel mills’ shipments to the market slowed down, and some cargoes were on their way last week. 

The demand transmission from traders to the terminal companies was uneasy, but the rigid demand from the large engineering infrastructure projects still existed. 

Stainless steel prices were firmly supported by the costs. Last week, prices of domestic and Indonesia high-grade NPI were both on the rise amid the higher prices of ore and auxiliary materials, which aggravated the cost pressure of NPI plants. 

Mellow believes that the short-term high-grade NPI prices will fluctuate with some upward potential amid the overall tight spot NPI supply. Prices of high-carbon ferrochrome also rose slightly. 

Ferrochrome plants still maintained their production cut, but the demand from steel mills grew. And the spot chrome ore prices stood high. 

The short-term high-carbon ferrochrome prices will remain rangebound with some upward potential. 

Mellow believes that the stainless steel prices will fluctuate at high levels this week.

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.