SMM

On August 7, according to an SMM survey, stainless steel futures continued to decline. In the morning, Tsingshan Group continued to lower HRC and CRC guidance prices. The benchmark price for Hongwang's #304 CRC was adjusted to 13,700 yuan/mt, and the price for HRC was adjusted to 13,400 yuan/mt. During the day, there were many inquiries in the spot market but few actual transactions, and the downward trend in the night session caused a large number of low-price warrants to suppress transactions. It is expected that spot prices will continue to be under pressure. In the morning, #304 CRC in Wuxi was quoted at 13,800-14,200 yuan/mt, and #304 HRC in Wuxi was quoted at 13,400-13,450 yuan/mt. #316L CRC in Wuxi was quoted at 24,800-25,500 yuan/mt. #201J1 CRC in Wuxi was quoted at 8,500-8,700 yuan/mt. #430 CRC in Wuxi was quoted at 8,000-8,100 yuan/mt. At 10:30 AM, the SHFE SS2409 contract price was 13,940 yuan/mt, and stainless steel spot premiums in Wuxi were 30-430 yuan/mt. (Spot cut edge = uncut edge + 170 yuan/mt).