SHANGHAI, Mar 3 (SMM) - Stainless steel spot prices in the Foshan market remained flat in the early trading. In the afternoon, the prices began to rise, with #300 stainless steel increasing to 18,400-18,500 yuan/mt. The market awakened from the sluggish trading that lasted for a week. The prices increased by nearly 1,000 yuan/mt. One of the reasons might be the sharp decrease in the previous period, and the driving force of nickel futures prices. In addition, the expectation of reduced production of #304 stainless steel in a steel mill might also contribute to the rebounded prices. SMM believes that the prices will fluctuate at a high level in the following days.
Prices of state running 304/2B coil-cut edge were 19,600-20,100 yuan/mt. Prices of private 304/2B coil-raw edge stood at 18,300-18,700 yuan/mt, and the prices of 304/No.1 (width≈166.67 cm) were 18,400-18,800 yuan/mt. As of 10:30 a. m. today, the SHFE SS 2204 contract stood at 17,855 yuan/mt. Spot premiums in Foshan were at 615-915 yuan/mt. (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt)