Stainless Steel Futures Record Seven-Month Low, Will Expanding Production Cuts Support the Prices?
The most-traded stainless steel futures contract consolidated after a steep fall on June 24 with downward potentials. The contract dropped again after opening today, and fell to a low of 16,290 yuan/mt since December 22, 2021, and recorded a loss of 1.03% as of 14:08 Beijing time. In the spot market, the average price of spot 304/2B coil (burr edge, in Wuxi) was flat from last Friday at 17,500 yuan/mt. Looking back at the beginning of last week, the spot prices of 300-series stainless steel dropped significantly below 18,000 yuan/mt ...
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