Shakes in the Morning, Turns Positive in the Afternoon – Chinese Stainless Steel Market Daily Report – January 18, 2024,
I. Futures-Spot Price Spread
Stainless steel futures contract 2403: Increased, with a negative spread between futures and spot prices.
II. Market Dynamics
Foshan Market:
1. 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.
Spot Market: Quiet morning trading followed by an uptick in activity in the afternoon.
2. 201 Segment: High-level sales maintained by hot-rolled products from Qingshan agents, attracting speculative buying with delayed transactions. Cold-rolled agents holding steady at high levels, with a potential decline in specifications in the later period.
Wuxi Market:
1. 304 Cold Rolled: Mainstream base prices remain stable, and hot-rolled prices also remain unchanged.
2. 201J1 Cold Rolled: Mainstream base prices increase, and J2/J5 cold-rolled mainstream base prices rise, along with an increase in mainstream base prices for five-foot hot-rolled products.
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Post time: Jan-19-2024
