Core Viewpoint - Stainless steel prices have seen a slight increase this week, but demand remains weak, leading to concerns about the market's ability to absorb supply pressure. The industry anticipates continued price fluctuations and is closely monitoring macroeconomic policies and production plans from steel mills [3][5]. Stainless Steel Market Analysis - Stainless steel futures prices rebounded slightly this week, with the main contract closing at 12,500, reflecting a 1.09% increase. However, trading volume decreased compared to the previous week, indicating a cautious market sentiment [3][4]. - The current market is characterized by weak demand, primarily driven by essential purchases, as the overall consumption power is insufficient to support prices. The inventory levels remain high, and the market is experiencing mixed performance in transactions [4][5]. Supply and Demand Dynamics - The stainless steel spot price increased by 50 yuan this week, but the market is still in a traditional off-season with declining downstream demand. Traders are under pressure to reduce prices for cash flow as year-end approaches [4][5]. - The macroeconomic environment has seen many monetary policies introduced, but fiscal policy implementation has been slow, limiting the stimulus effect on the real economy. The supply side is expected to ease as steel mills increase maintenance in December, potentially reducing supply pressure [4][5]. Inventory and Production Insights - The registered warehouse inventory for stainless steel on the Shanghai Futures Exchange decreased by 1,500 tons to 61,619 tons this week, indicating ongoing inventory reduction. However, the market's ability to digest inventory remains a concern [4][5].

Price Trends - As of June 19, the price of 304 cold-rolled stainless steel in Wuxi is 12,700 CNY/ton, and in Foshan, it is 12,800 CNY/ton, both remaining stable day-on-day [1] - The base price has decreased by 50 CNY/ton to 295 CNY/ton [1] Raw Material Insights - The weather impact in the Philippines has lessened, leading to improved shipping efficiency, with 1.3% nickel ore trading at FOB 36 and CIF 45 to Indonesia [1] - The domestic benchmark price for Indonesian nickel ore is expected to drop by 0.3-0.5 USD in June [1] - Nickel pig iron prices are declining, with a procurement price of 940 CNY/nickel (including tax) reported by a steel mill in South China [1] Supply and Production Data - In June, the estimated crude steel output from 43 domestic stainless steel mills is 3.3623 million tons, 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 1.7912 million tons, showing a month-on-month increase of 0.36% and a year-on-year increase of 8.35% [1] Inventory Levels - As of June 20, social inventory of the 300 series in Wuxi and Foshan is 534,200 tons, a week-on-week increase of 3,400 tons [2] - The stainless steel futures inventory is 114,869 tons, a week-on-week decrease of 4,116 tons [2] Market Dynamics - The stainless steel market has seen a slight increase in prices, but overall trading remains cautious with no significant improvement in transactions [3] - The macroeconomic environment is stable, with the Federal Reserve maintaining the federal funds rate target range at 4.25-4.5% [3] - The supply side remains high, with some steel mills expected to slightly increase 300 series production while reducing 400 series output [3] Demand and Seasonal Trends - Overall demand is weak, with manufacturing orders recovering slowly, leading to procurement primarily based on immediate needs [3] - The stainless steel market is entering a seasonal destocking phase, but the pace of inventory reduction has been slow this year [3] Short-term Outlook - The market is expected to experience weak fluctuations, with a reference range for the main contract set between 12,400 and 13,000 CNY [4]

Core Viewpoint - The stainless steel market is experiencing a slight weakening, with a cautious purchasing attitude from downstream processing enterprises, primarily driven by basic demand [3] Pricing and Raw Materials - As of June 9, the price of 304 cold-rolled stainless steel in Wuxi is 13,000 yuan/ton, and in Foshan, it is 13,050 yuan/ton, both unchanged from the previous day [1] - The price of nickel ore from the Philippines is stable, with a transaction price of around FOB 36 for 1.3% nickel ore, while Indonesian nickel ore's domestic benchmark price has decreased by approximately $0.02 [1] - Nickel iron prices are stable, with mainstream steel mills purchasing high nickel iron at 970 yuan/nickel (including tax) [1][3] - Ferrochrome prices are fluctuating slightly, with low pricing appearing frequently due to strong selling intentions from traders [1][3] Supply and Production - In June, the estimated crude steel output from 43 domestic stainless steel mills is 3.3623 million tons, 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 1.7912 million tons, showing a month-on-month increase of 0.36% and a year-on-year increase of 8.35% [1] - The overall supply remains high, with some steel mills expected to slightly increase 300 series production while reducing 400 series output [3] Inventory and Demand - Social inventory data shows a recent decline, with a total of 520,200 tons in Wuxi and Foshan, an increase of 9,300 tons week-on-week [2] - As of June 9, stainless steel futures inventory is 121,663 tons, a week-on-week decrease of 8,327 tons [2] - Demand is gradually recovering but remains slow, with manufacturing orders improving at a sluggish pace [3] Market Outlook - The market is expected to experience weak fluctuations, with a reference range for the main contract set between 12,600 and 13,200 [4]

Market Overview - The stainless steel market is experiencing weak trading sentiment, with end-user purchases primarily driven by necessity, and traders reporting orders mainly for small to medium-sized replenishments [3] - The macroeconomic environment remains stable, with the Federal Reserve maintaining a hawkish stance and keeping the federal funds rate target range at 4.25%-4.5% [3] Price Trends - As of June 4, the price of Wuxi Hongwang 304 cold-rolled steel is 13,100 CNY/ton, unchanged from the previous day, while the price in Foshan is 13,050 CNY/ton, down by 50 CNY/ton [1] - The domestic nickel iron market is stable, with prices around 960-970 CNY/nickel (including tax) [1] Supply and Production - In May, the estimated crude steel output from 43 domestic stainless steel mills is 3.4899 million tons, a month-on-month decrease of 0.4% but a year-on-year increase of 5.8% [1] - The production of the 300 series is 1.776 million tons, down 2.6% month-on-month but up 7.5% year-on-year [1] Inventory Levels - Social inventory data shows a weekly decline, with Wuxi and Foshan 300 series social inventory at 510,800 tons, down 20,200 tons week-on-week [2] - As of June 4, stainless steel futures inventory is 124,391 tons, a decrease of 10,220 tons week-on-week [2] Supply Chain Dynamics - The nickel ore market in the Philippines is facing shipment delays due to rainfall, with no transactions finalized yet [1] - Indonesian nickel ore domestic benchmark prices have decreased by approximately $0.02, with supply remaining tight due to the rainy season [1][3] Market Outlook - The overall supply-demand balance remains under pressure, with expectations of weak fluctuations in the market, and the main trading range is anticipated to be between 12,600 and 13,200 CNY [4]