Stainless steel prices rebound? China cuts interest rates to boost economic recovery
Views:  Update Date: Sep 08,2022

TREND|| Steel mills reduce production to stop losing more money. Grades of 200 and 400 series increased in price. 

Until 8th September, the price curve of 201 stainless steel and 430 was flatted, with no dramatic movement, stainless steel 304 had a slight raise after a dull start. The most-traded contract of stainless steel futures increased by US$29/MT to US$2400/MT compared to a week ago.

300 series of stainless steel: Prices bounced back, and the trading atmosphere warmed up.

Promising news stimulated the metals market as the drop of the LPR had brought a whole new dynamic to the market, turning the price of the commodities and future price of stainless steel into green color. 304 cold rolled 4-foot stainless steel at Wuxi remains the same level at US$2390/MT. Hot rolled stainless steel closed at US$2360/MT with a US$29 increase. Both the cost of ferronickel and ferrochromium decreased, so the production cost of cold-rolled stainless steel 304 dropped by US$11.

200 series of stainless steel: Prices were stable but it had a spotlight last week.

The spot price of both cold-rolled stainless steel 201and 201J2 stainless steel had US$7 raise to US$1480/MT and US$1415/MT respectively. The hot rolled 5-foot stainless steel remains the quotation at US$1415/MT. Last Thursday, as the stainless steel futures rose, LME Nickel and ShFE nickel increased as well, and the spot market was successfully lightened up. The transaction of spot products warmed up. But the nickel futures soon cooled down, and thereby the enthusiasm in spot transactions failed to persist.

400 series of stainless steel: Production cut will remain until September. 

The price of cold-rolled stainless steel 430 remains steady at US$1255/MT. The suspension of production among the chromium mills in Sichuan is expected to last until the end of August, and the supply of high chromium is descending continually.  


300 series of stainless steel: The mills are already suffering a certain amount of losses from cold-rolled stainless steel 304 production, production halt is the new black among the mills. The raise on future price had a positive effect on the spot price, cold rolled stainless steel 304 is expected to linger upward.

200 series of stainless steel: : The price level of stainless steel 201 was getting better, and the prices slightly increased though it is restricted by the low demand while steel mills did not give up propping up the prices. The price of 201 is expected to remain steady and cold-rolled 4-foot stainless steel 201J2 and J5will hover between 
US$1435/MT and US$1450/MT.  

400 series of stainless steel: : The production cost of the 400 series is continually shifting downward. But TISCO and JISCO maintained strong and increased their quotation of SS430/2B hanging around
 US$1270- US$1295, approximately US$15-$29 higher than a week ago. It is expected that the price of SS430/2B will wander between US$1280 and US$1295 in a short term.


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