不锈钢周报-宏观情绪回暖但缺乏产业利好题材，警惕盘面高位回落

Market Dynamics - The People's Bank of China emphasizes the need to prevent and resolve financial risks in key areas, supporting the stable development of capital markets[1] - From March 10 to March 14, the price of cold-rolled stainless steel sheets in Wuxi increased by 300 yuan, with four-foot sheets priced at 13,200 yuan and five-foot sheets at 13,300 yuan[1] - On March 14, the trading volume of SS2505 reached 192,000 lots, an increase of 51,894 lots, while the open interest decreased by 482 lots[1] Fundamental Analysis - The mainstream transaction price of high-nickel iron rose to 1,000 yuan per nickel, indicating a continued increase in costs for 304 stainless steel[2] - Downstream demand remains stable, with stainless steel crude steel production in February increasing month-on-month, and March production expected to continue rising[2] - The market is characterized by a supply-demand imbalance, with high inventory levels and weak demand expectations[2] Production and Inventory - In February 2025, the crude steel production from 43 stainless steel plants was 3.1453 million tons, a month-on-month decrease of 9.92% but a year-on-year increase of 23.5%[18] - The total social inventory of stainless steel in major markets increased by 0.36% week-on-week, with cold-rolled stainless steel inventory rising by 0.89%[19] - As of March 14, the delivery warehouse inventory reached 197,237 tons, indicating a significant increase of 41,471 tons from the previous week[19] Price Trends - The price of cold-rolled stainless steel sheets in Wuxi increased by 100 yuan to 13,620 yuan per ton, reflecting a 0.74% rise week-on-week[15] - The market sentiment remains optimistic, with prices generally trending upwards despite some resistance from downstream buyers[12] - The overall market is experiencing a price increase due to rising costs from upstream materials and a supportive policy environment[22]