Stainless steel contract up over 6%, SS spot surged nearly 1000 yuan/mt
March 30, 2022
Spot prices of each stainless steel series rose in different degrees. Prices of 304 stainless steel went up due to the rise of LME nickel after opening, coupled with the market shutdown for unexpected accidents, resulting in a relatively tight supply. SHFE nickel hit limit up and SS contract rose 7% as well as the increase in spot. The average price of 304 grade stood at 20,800 yuan/mt. In terms of market transactions, transactions of 201 grade were rather good, while most 304 grade traders reflected the prices were inflated with light transactions. Because the costs remained high, supporting the prices of ferronickel in the short term. According to SMM research towards steel mills, transaction prices of scrap had increased. Therefore, the costs can still be supportive.
(Source: Shanghai Metals Market)