China Stainless Steel Market Brief, January 25, 2024: Steady Market with Subtle Changes

Futures vs. Spot Price:

Slight drop in stainless steel futures, while the spot market remains relatively stable. The market is cautious, with minor fluctuations in the price gap.

Market Dynamics::

Foshan Market: 304 cold-rolled spot prices remain high, with some traders offering slight discounts to facilitate transactions. Other product prices are mostly stable.

Wuxi Market: Although there's a tendency for price increases, overall transaction activity is moderate. As the Chinese New Year approaches, downstream buyer participation decreases.

Summary:

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.