Jin Tou Wang·2025-11-07 06:04News Summary Core Viewpoint - The stainless steel market is experiencing a mixed situation with production adjustments and inventory changes, influenced by both domestic and international factors [1][2][3]. Group 1: Production and Inventory - In November, stainless steel production was 3.3752 million tons, a decrease of 2.06% month-on-month but an increase of 1.71% year-on-year [1]. - As of October 2025, the inventory of steel products in key steel enterprises was 14.63 million tons, a decrease of 1.95 million tons (11.8%) from the previous period, but an increase of 2.26 million tons (18.3%) from the beginning of the year [1]. Group 2: Market Dynamics - The shutdown of POSCO's stainless steel plant in South Korea may lead to supply chain tensions, although domestic stainless steel inventory has slightly increased and terminal demand remains weak [2]. - The raw material costs are expected to decrease due to the Indonesian government's policies affecting nickel resource supply costs, while the production profits for steel mills are recovering [3]. Group 3: Demand and Pricing - The demand from downstream sectors is not strong, leading to a general increase in stainless steel social inventory, with market purchasing intentions remaining low [3]. - Technical analysis indicates a downward trend in prices with increased divergence between long and short positions, suggesting a focus on support levels around 12,400 [3].