Stainless Steel Spot Prices Dropped by 300-400 yuan/mt and Trading Remained Slack
16:48 Feb 24, 2022 Source: SMM

SHANGHAI, Feb 24 (SMM) -  SS contract fell sharply. The most-traded SS2204 contract moved rangebound around 18,300 yuan/mt. The cold-rolled product benchmark prices were 18,400-18,500 yuan/mt, down 300-400 yuan/mt compared with the previous trading day. The hot-rolled coil was quoted at 18,800-19,200 yuan/mt, with the average price dropping 400 yuan/mt. Yesterday, the stainless steel prices were influenced greatly by the decreased costs and the sentiment in the market. Besides, there was limited support to the stainless steel prices, because the trading was poor and the release of downstream demand was short of expectations. The prices continued to fall in the market dominated by shipment. In terms of the price spread between futures and spots, the sharp drop in futures contracts extended the low price spread to 1000 yuan/mt yesterday. The spot prices today followed to fall, and the price spread narrowed. As of 10:30 a.m. today, the SHFE SS2204 contract stood at 18,395 yuan/mt, and the stainless steel spot premiums in Wuxi were at 475-1,475 yuan/mt. (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt)

Key Words:  stainless steel 
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