Futures rally drives stainless steel spot prices higher, trading volume declines

The SS futures market continues to show a slightly strong oscillation pattern. Although the Shanghai Nickel (沪镍) price weakened during the day, SS futures maintained a generally strong trend after testing support in the night session, closing at 14,275 yuan/ton in the morning. In the spot market, driven by the continued strength of SS futures, confidence in the peak season of “March for gold, April for silver” remains high, and quotes have further increased; however, due to rising quotes and the decline in Shanghai Nickel today, trading volume has decreased compared to the previous two days. The main contract of SS futures has strengthened and moved higher. At 10:30 a.m., SS2604 was quoted at 14,315 yuan/ton, up 80 yuan/ton from the previous trading day. The Wuxi region’s 304/2B cold-rolled coil premium/discount is between 155-355 yuan/ton. In the spot market, the average price of Wuxi cold-rolled 201/2B coils is 8,500 yuan/ton; cold-rolled 304/2B coils with rough edges in Wuxi average 14,400 yuan/ton, same as Foshan; Wuxi region’s cold-rolled 316L/2B coils are priced at 27,425 yuan/ton, with Foshan also at 27,425 yuan/ton; hot-rolled 316L/NO.1 coils in Wuxi are at 26,400 yuan/ton; and both Wuxi and Foshan have cold-rolled 430/2B coils priced at 7,800 yuan/ton. (Shanghai Nonferrous Metals Network)