SS futures fluctuate, stainless steel spot market confidence in rally cools down

K-LinePoet · 2026-04-11T13:41:18+00:00

The SS futures show a slightly strong oscillation, with the daily closing at 14,115 yuan/ton. Although the spot market retreated early due to weakness in the night trading, the futures rebounded with limited follow-through in spot prices. Under the influence of high production expectations and slow demand recovery, traders' willingness to sell has increased. As the peak consumption season approaches, demand gradually recovers, with terminal procurement mainly driven by just-in-time needs.

K-LinePoet

2026-04-11 13:41:18

Abstract generation in progress

The SS futures market is showing a slightly strong, choppy trading pattern. During the night session, the SS price movement is relatively weak and choppy; however, after the daytime session opens, it gradually strengthens and moves upward, finally closing at 14,115 yuan/ton. In the spot market, in the morning, spot quotations fell following the relatively weak SS night session; however, as futures trade moves higher in a volatile manner, spot quotations also follow with some increase, and the overall adjustment remains limited. In recent days, due to factors including expectations for high production of stainless steel in March, the slowdown in the upward move of high-nickel pig iron prices, and the sluggish recovery of downstream demand, traders’ previously bullish expectations have weakened, and their willingness to ship/sell has improved.

The main SS futures contract oscillates and strengthens. At 10:15 a.m., SS2604 was quoted at 14,240 yuan/ton, down 35 yuan/ton from the previous trading day. In the Wuxi region, the spot premium/discount for 304/2B is in the range of 280–480 yuan/ton. In the spot market, Wuxi cold-rolled 201/2B coils are all holding steady; for cold-rolled rough-edge 304/2B coils, Wuxi’s average price fell by 25 yuan/ton while Foshan’s average price remained stable; Wuxi cold-rolled 316L/2B coils are steady; for hot-rolled 316L/NO.1 coils, the Wuxi quotations remain stable; and both Wuxi and Foshan’s cold-rolled 430/2B coils remain stable.

Entering the traditional peak consumption season of “Golden March and Silver April,” the stainless steel market faces a demand recovery window. On the demand side, downstream businesses have gradually wrapped up the Spring Festival holiday and resumed work and production, showing a trend of gradual recovery. However, although trading has improved compared with the earlier period, there has still been no sign of the lively peak-season atmosphere, and end-user purchases are mainly driven by just-need demand.

(Shanghai Nonferrous Metals Network)

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