Workflow
不锈钢：盘面震荡产业心态偏弱 需求兑现仍不足
Jin Tou Wang·2025-10-17 02:15

Core Insights - The stainless steel market is experiencing price fluctuations, with specific increases in cold-rolled prices in Wuxi and Foshan, indicating a mixed sentiment among traders [1][3] - Nickel ore prices remain strong, particularly from the Philippines, while domestic nickel iron prices are under pressure due to increasing losses in domestic and Indonesian steel mills [3] - Overall, the supply of stainless steel is expected to increase, but demand remains weak, leading to inventory pressures [2][3] Pricing and Market Trends - As of October 16, Wuxi Hongwang's 304 cold-rolled price is 13,000 CNY/ton, up 100 CNY/ton day-on-day, while Foshan Hongwang's price is stable at 12,900 CNY/ton [1] - The base price has increased by 45 CNY/ton to 555 CNY/ton [1] - Nickel ore from the Philippines is auctioned at FOB 43.5, with domestic nickel iron prices stabilizing around 945-950 CNY/nickel [1][3] Supply and Production - In September, the estimated crude steel output from 43 domestic stainless steel plants was 3.4513 million tons, a month-on-month increase of 135,700 tons, or 4.09% [1] - October's production is projected at 3.488 million tons, reflecting a month-on-month increase of 1.06% [1] - The 300 series production in October is expected to be 1.8217 million tons, with a month-on-month increase of 0.38% [1] Inventory Levels - As of October 13, social inventory for the 300 series in Wuxi and Foshan is 504,600 tons, a week-on-week increase of 32,700 tons [2] - Stainless steel futures inventory decreased by 2,339 tons to 85,166 tons [2] Market Sentiment and Outlook - The stainless steel market is currently experiencing weak fluctuations, with traders showing limited willingness to adjust prices despite lower spot prices compared to the latest agent prices [3] - Macro risks are increasing, with uncertainties surrounding U.S.-China trade relations and the Federal Reserve's interest rate decisions [3] - The demand from traditional downstream sectors remains weak, and new emerging sectors are also showing a decline in growth expectations [3]