Stainless Steel Price Error Stirs Market

On June 17, 2024, in Foshan market, the steel mill's price was lowered by 100, which did not cause much of a stir. However, after the futures market closed in the afternoon, a "wrong price" reported by a steel mill agent caused quite a commotion in the market.

After 3:30 PM, a steel mill agent reported new information for 304 cold rolling:

304 spot price: 13,500/13,700 base price, and the futures price remains at 13,600/13,800 base price.

Within 5 minutes, before everyone could react, the price was immediately corrected:

304 spot price adjustment: 13,600/13,800 base price, this is the standard.

Market news indicates that this was due to the steel mill agent mistakenly adjusting the price for 316 instead of 304, and the previous sales strategy remains unchanged.

A 304 cold rolling trader said, "The price of 13,500, it can't be quoted, but it can be traded, not just one company is offering it like this."

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