Stainless steel: Nickel prices and SS contract are both falling. The SS2205 contract was moving around the 10-day moving average. Stainless steel spot prices dropped, and spot prices in Wuxi stabilised yesterday. 304 cold-rolled coil was reported at 20,700-21,200 yuan/mt, and 304 hot-rolled coil at 20,000-20,200 yuan/mt. In afternoon trade, some institutions quoted cold-rolled coil at 20,200 yuan/mt (base prices) shipments, while hot-rolled coil prices dropped below 20,000 yuan/mt to 19900 yuan/mt. The overall market turnover was weak.

The most-traded stainless steel contract shifted to SS2205 contract, but the futures contract saw great corrections. Futures were again in discount over the spot. SHFE SS2205 contract (10:30 am, Beijing time) stood at 20,115 yuan/mt, and the stainless steel spot in Wuxi was in premiums of 755-955 yuan/mt.