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Last week, stainless steel futures prices probe up and down, the market turnover at the beginning of the week is better, and then with the futures price surge high blocked mood turned cold.
Last week, the Chinese stainless steel market demonstrated a trend of steady price increases, with an active futures market leading to adjustments in spot prices. As the Spring Festival holiday approached, downstream demand gradually weakened, yet the supply side managed shipments effectively, maintaining market balance.
Stainless steel futures experienced a significant drop in the morning, followed by fluctuations, but the spot market remained relatively stable. As the Spring Festival holiday approaches, market transactions have almost come to a halt.
We will be taking a short break to celebrate the Chinese New Year. We'll be closed from Feb 3rd to Feb 18th, resuming on Feb, 19th. Wishing everyone a prosperous and joyful Year of the Dragon!
The stainless steel prices are mainly influenced by the upcoming holiday break, with minimal fluctuations. Limited transactions are occurring after slight negotiations around the mill prices. The futures market remains cautious, closely following international market trends. Stability is expected in the domestic market before the Chinese New Year, but international market influences and sustained demand remain crucial.
This week, prices for various types of stainless steel generally increased. Despite market fluctuations, significant price reductions before the Chinese New Year are unlikely. As the Chinese New Year holiday approaches, downstream demand has weakened slightly. However, due to controlled shipments from steel plants and the influence of the futures market, spot prices have maintained an upward trend.
Futures-spot price spread, stainless steel futures contract 2403 increased, with a negative spread between futures and spot prices. Foshan market's 304 cold and hot rolled trends diverge, fluctuations observed in hot-rolled prices, while cold-rolled prices, influenced by the overall market, experience a high-level retracement with increased activity.
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