SHANGHAI, Apr 27 (SMM) - Stainless steel spot prices in the Wuxi market remained stable today thanks to a series of policies released on Tuesday night. Futures prices rebounded owing to the bullish macro policies. However, the demand remained weak. The COVID-19 outbreak stuck the Wuxi market again where logistics just returned to normal, resulting in a panic in the market and closed-loop management in some areas. It is still unclear whether the market can usher in the centralised procurement before the May Day holiday. At present, the downstream purchase is according to the rigid demand. The market shall pay attention to the influence of pandemics and logistics. Prices of #304 cold-rolled coils in Wuxi moved between 20,000-20,300 yuan/mt today, and the prices of #304 hot-rolled coils were 19,700-19,800 yuan/mt. Some traders slightly lowered the prices by 50-100 yuan/mt to ship. Quotes of #316L/2B stood steadily at 31,100-31,300 yuan/mt in early trading. As of 10:30 a. m. today, SHFE 2206 SS contract stood at 19,350 yuan/mt, and the spot premiums in Wuxi were 820-1,120 yuan/mt. (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt).
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