不锈钢：盘面维持窄幅震荡 基本面弱势未改

Core Viewpoint - The stainless steel market is experiencing stable prices with a slight decline in production and inventory levels, while demand remains weak but shows signs of gradual recovery [3][4]. Raw Materials - Nickel ore prices in the Philippines are stabilizing with FOB prices at $36 for 1.3% nickel ore, while Indonesian domestic benchmark prices are expected to decrease by $0.3 to $0.5 [1][3]. - Nickel pig iron prices are declining, with a procurement price of 940 yuan per nickel (including tax) reported by a steel mill in South China [3]. - Ferrochrome prices are stable, with low adjustment willingness from factories but strong selling intentions from traders [1][3]. Supply - Domestic stainless steel production is projected to be 3.3623 million tons in June, 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 expected to increase slightly by 0.36% month-on-month, with a year-on-year increase of 8.35% [1]. Inventory - Social inventory of the 300 series in Wuxi and Foshan increased by 10,600 tons week-on-week, totaling 530,800 tons as of June 13 [2]. - Stainless steel futures inventory decreased by 3,641 tons week-on-week, reaching 118,022 tons on June 16 [2]. Market Dynamics - The stainless steel market is characterized by weak demand and a focus on just-in-time purchasing, with traders reporting mostly small batch orders [3]. - The overall market remains under pressure due to high supply levels, with some steel mills expected to slightly increase production of the 300 series while reducing the 400 series [3]. - The market is entering a seasonal destocking phase, but social inventory has not shown significant reduction [3].