不锈钢：盘面维持偏弱运行 基本面矛盾未改

Core Viewpoint - The stainless steel market is experiencing a slight weakening, with a cautious purchasing attitude from downstream processing enterprises, primarily driven by basic demand [3] Pricing and Raw Materials - As of June 9, the price of 304 cold-rolled stainless steel in Wuxi is 13,000 yuan/ton, and in Foshan, it is 13,050 yuan/ton, both unchanged from the previous day [1] - The price of nickel ore from the Philippines is stable, with a transaction price of around FOB 36 for 1.3% nickel ore, while Indonesian nickel ore's domestic benchmark price has decreased by approximately $0.02 [1] - Nickel iron prices are stable, with mainstream steel mills purchasing high nickel iron at 970 yuan/nickel (including tax) [1][3] - Ferrochrome prices are fluctuating slightly, with low pricing appearing frequently due to strong selling intentions from traders [1][3] Supply and Production - In June, the estimated crude steel output from 43 domestic stainless steel mills is 3.3623 million tons, a month-on-month decrease of 2.91% but a year-on-year increase of 2.24% [1] - The production of the 300 series is 1.7912 million tons, showing a month-on-month increase of 0.36% and a year-on-year increase of 8.35% [1] - The overall supply remains high, with some steel mills expected to slightly increase 300 series production while reducing 400 series output [3] Inventory and Demand - Social inventory data shows a recent decline, with a total of 520,200 tons in Wuxi and Foshan, an increase of 9,300 tons week-on-week [2] - As of June 9, stainless steel futures inventory is 121,663 tons, a week-on-week decrease of 8,327 tons [2] - Demand is gradually recovering but remains slow, with manufacturing orders improving at a sluggish pace [3] Market Outlook - The market is expected to experience weak fluctuations, with a reference range for the main contract set between 12,600 and 13,200 [4]