JINAN, China, 4 November 2026 — Stainless steel coil prices are edging off their 2026 lows, but the recovery has little demand behind it: mills are restarting idle capacity while buyers purchase only what they need.
On 30 October, the most-traded stainless steel futures contract in Shanghai settled at RMB 13,515/t, up RMB 60/t on the month, according to SMM. Spot premiums for 2B cold rolled 304 stainless steel coil in Wuxi narrowed to RMB 425–725/t, against RMB 640–1,040/t in early October: spot tightness has eased even as futures firmed.
A Rebound Without Demand
October’s rally was built on expectations of nickel pig iron output cuts in Indonesia, not on consumption, and those expectations were never confirmed. A hawkish Federal Reserve meeting weighed on the nonferrous complex; Wuxi cold rolled 304/2B with mill edge gained just RMB 25/t on the week, and Foshan was flat.
Costs Are Falling Faster Than Prices
The floor under prices is cost, and that floor is moving down. TISCO and Tsingshan set November ferrochrome procurement prices RMB 200/t lower month on month, and nickel pig iron kept weakening. Lower raw materials restored mill margins without restoring pricing power.
Supply adds to the pressure. Maintenance cuts that supported September prices are ending; several mills have resumed operations and lifted planned November output. Social inventories are falling, but because of low arrivals and month-end pick-up, not end-user demand.
316L Splits From 304
The molybdenum-bearing grade is the weak point. Wuxi cold rolled 316L/2B fell RMB 400/t in the last week of October while 304 edged higher, opening a wider discount on a grade that held up through the third quarter. Buyers pricing Q1 2027 tonnage are working from a softer base than a month ago.
Export Orders Carry the Market
Overseas orders remain the strongest part of the book, and two regulatory changes now shape them. The EU’s replacement steel safeguard took effect on 1 July 2026, cutting the tariff-free quota to about 47% below its 2024 level and raising out-of-quota duties, Mysteel reported. CBAM has applied in definitive form since 1 January 2026: EU importers must be authorised declarants, buy certificates from 1 February 2027 and file their first declaration by 30 September 2027.
European buyers now request embedded-emissions data, heat numbers and country of melt at quotation, not after the order is placed.
What Buyers Should Confirm
●Grade and standard — 304, 304L or 316L to ASTM A240 or EN 10088-2.
●Finish and tolerance — 2B, BA or No.4, half or full standard.
●Traceability — heat number, country of melt, coil ID on the mill certificate.
●Emissions data — CBAM-aligned values per tonne of coil.
●Delivery terms — FOB, CFR or DDP, freight and duty split in writing.
About Shandong Ruixiang Steel Group
Shandong Ruixiang Steel Group Co., Ltd. supplies cold rolled stainless steel coil and hot rolled stainless steel coil in 304, 316L and 430 from Jinan, China, with slitting, edge trimming and export packing for container and breakbulk shipment.
Buyers planning Q1 2027 tonnage can request a specification-matched quotation, including mill certificate and emissions documentation, from the export team.
Post time: Nov-04-2026