徽商期货：不锈钢下方支撑较强

Group 1: Market Outlook - The short-term outlook for stainless steel futures indicates a range-bound fluctuation with a support level at 12,750 yuan/ton and a resistance level at 13,300 yuan/ton, driven by strong hedging pressure [1][5] - The market sentiment has been influenced by the "anti-involution" policy, leading to a rebound in stainless steel futures prices, which have recently surpassed the 13,300 yuan/ton mark [1] Group 2: Raw Material Prices - Nickel ore prices remain firm despite an increase in imports and port inventories, with domestic nickel pig iron prices showing limited decline [2] - The price of chromium ore has remained stable, while chromium iron prices have seen a slight increase, indicating a strong market sentiment among producers [2] Group 3: Downstream Demand - Downstream demand for stainless steel has shown improvement with a 4.16% month-on-month increase in apparent consumption in August, although levels remain below expectations [4] - Social inventory of stainless steel has decreased for four consecutive weeks, but the rate of decline is slowing, indicating a tightening supply situation [4] Group 4: Production Costs - The cash cost of 304 cold-rolled stainless steel has risen to approximately 12,900 yuan/ton, reflecting an upward shift in cost structure [3]