SS Breaks Downward Through 12,500 yuan/mt, Stainless Steel Spot Trading Weak with Insufficient Market Confidence [SMM Stainless Steel Daily Review]
[SMM Stainless Steel Daily Review: SS Broke Below 12,500 yuan/mt, Weak Spot Stainless Steel Transactions Hit Market Confidence] SMM November 12 - SS futures showed a further downward pullback. Driven by further declines in SHFE nickel and amid weak stainless steel fundamentals, SS futures continued to follow the downtrend today, breaking below 12,500 yuan/mt again, with the intraday low reaching 12,460 yuan/mt. In the spot market, the weakness in futures again dragged down spot prices. Additionally, stainless steel transactions remained sluggish recently, with traders holding pessimistic expectations for the year-end market and showing a mentality of selling off goods for cash collection. Meanwhile, prices of high-grade NPI, high-carbon ferrochrome, and stainless steel scrap have all been in the doldrums recently, pulling down the cost center of stainless steel, and daily offers saw another slight decrease. The most-traded SS futures contract pulled back. At 10:30 a.m., SS2601 was quoted at 12,485 yuan/mt, down 75 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 333-685 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; the average price of cold-rolled mill edge 304/2B coil was 12,825 yuan/mt in Wuxi and 12,850 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil in Wuxi was 24,500 yuan/mt, and 24,550 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil in Wuxi was 23,800 yuan/mt; the price of cold-rolled 430/2B coil in both Wuxi and Foshan was 7,600 yuan...