SHANGHAI, Oct 20 (SMM) – On October 20, spot prices of stainless steel in the Wuxi and Foshan markets rose, with the prices of #304 cold-rolled coils growing around 300 yuan/mt in a single day. Tsingshan stainless steel supply was to relatively small in the market as transactions were active. Domestic NPI prices did not change today, while the Indonesia NPI prices rose slightly. The rise in nickel ore and auxiliary material prices put huge pressure on the NPI plants. SMM believes that the short-term NPI prices will fluctuate with some upward potential amid the supply tightness. Ferrochrome prices stood stable today. Ferrochrome plants reduced their production continuously amid high chrome ore prices, while steel mills’ demand increased. The short-term ferrochrome prices will remain rangebound with some upward potential. In general, the demand transmission is relatively poor in recent days, but under the strong support of cost, the spot price of stainless steel will be stable with some upward potential in the short term. The prices of #304 cold-rolled coils moved between 17,700-17,900 yuan/mt, and those of #304 hot-rolled coils were between 16,950-17,350 yuan/mt. #316L/2B was quoted at 29,000-29,300 yuan/mt in early trading, #201/2B at 9,900-10,200 yuan/mt, and 430/2B at 7,900-8,200 yuan/mt. As of 10:30 a. m. (Beijing time), the SHFE SS 2211 contract stood at 17545 yuan/mt, and the spot premiums in Wuxi were 325-525 yuan/mt. (Spot price of deburred edge products = Spot price of burr edge products + 170 yuan/mt)
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