SHANGHAI, Mar 29 (SMM) - Prices of stainless steel futures contracts were weak and fluctuated downward, with prices falling at around 20,000 yuan/mt. Due to the COVID-19 outbreak, the spot transaction was slack. In addition, Wuxi Oriental Steel Mall was closed today, and the market personnel were staying at home because of the COVID-19 related prevention and control. Spot prices were continuously lowered, but under the current situation, the transaction stimulus was ineffective and the trading was sluggish. Spot prices in Wuxi were basically stable. Prices of #304 cold-rolled coils moved between 20,300-20,600 yuan/mt, and the prices of #304 hot-rolled coils were at 19,700-20,000 yuan/mt. As of 10:30 a. m. today, the SHFE SS 2205 contract stood at 20,115 yuan/mt, and the spot premiums in Wuxi were at 355-655 yuan/mt (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt).
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