Stainless Steel Futures Extend Losses; Mills Cut Benchmark Prices by 300 Yuan/Ton on May 18

According to Jin10 Futures, stainless steel futures extended weakness on May 18 as mills significantly slashed benchmark prices. Qingshan Steel cut cold and hot rolled coil prices by 300 yuan/ton, with key quotations adjusted to 14,700 yuan/ton (Qingshan cold-rolled Indonesia), 14,800 yuan/ton (Hongwang), and 14,500 yuan/ton (304 hot-rolled). Sentiment deteriorated as raw material costs softened, with nickel-containing iron prices declining to 1,150–1,160 yuan per nickel point and chromium iron falling to 8,350 yuan per 50-ton basis. Downstream demand remained cautious and transaction volumes stayed muted.