Core Viewpoint - The stainless steel market is experiencing stable prices with a slight downward trend in raw material costs, while supply pressures remain high due to production levels and weak demand [1][2][3] Supply - In October, the crude steel output from 43 domestic stainless steel mills reached 3.5138 million tons, an increase of 87,100 tons month-on-month, representing a growth of 2.54% [2] - November's planned production is 455,100 tons, a month-on-month decrease of 1.67% but a year-on-year increase of 4.1% [2] - The 300 series output remains high despite some mills reducing production to stabilize prices, primarily affecting the 200 series [2][3] Inventory - Social inventory is not decreasing effectively, with a slight increase in inventory levels reported [2] - As of November 28, the social inventory for the 300 series in Wuxi and Foshan was 502,400 tons, a week-on-week increase of 9,500 tons [2] - Stainless steel futures inventory was 62,337 tons as of December 3, a week-on-week decrease of 1,428 tons [2] Market Dynamics - The stainless steel market is experiencing narrow fluctuations, with stable mainstream prices in the Wuxi and Foshan regions [3] - The nickel market remains stable, with Philippine mines fulfilling previous orders and Indonesian domestic prices declining slightly [3] - The overall market sentiment is weak due to limited demand from downstream sectors such as home appliances and construction, leading to low inventory depletion [3] Price Trends - The main trading range for stainless steel is expected to be between 12,300 and 12,700, with limited upward momentum due to weak demand and cost support [3]

Core Viewpoint - The stainless steel market is experiencing weak performance, with inventory digestion remaining slow and market participants adopting a wait-and-see attitude [3] Supply - In October, the crude steel output of 43 domestic stainless steel plants reached 3.5138 million tons, an increase of 87,100 tons month-on-month, representing a growth of 2.54% and a year-on-year increase of 6.8% [2] - November production is projected at 455,100 tons, a month-on-month decrease of 1.67% but a year-on-year increase of 4.1% [2] - Several steel mills have recently reduced production to maintain prices, primarily among 200 series steel plants, while 300 series output remains high, keeping supply pressure elevated [2] Inventory - Social inventory is not being depleted effectively, with warehouse receipts showing a downward trend [2] - As of November 21, social inventory of 300 series in Wuxi and Foshan was 492,900 tons, a week-on-week decrease of 4,400 tons [2] - On November 24, stainless steel futures inventory was 64,382 tons, a week-on-week decrease of 4,907 tons [2] Market Dynamics - The stainless steel market continues to show weak trends, with slow inventory digestion and increasing market caution among traders [3] - The macroeconomic environment is stabilizing, with expectations that the Federal Reserve's rate hikes have concluded, reducing upward pressure on the dollar [3] - The nickel ore market remains stable, with slight declines in recent auction prices for nickel ore from the Philippines and Indonesia [3] - Nickel iron prices are under pressure, with new production lines coming online and excess supply becoming apparent, leading to a decline in prices below 900 yuan per nickel [3] - The chromium market is also weak, influenced by the low demand for stainless steel, resulting in increased supply pressure and declining raw material costs [3] Short-term Outlook - The market is expected to continue weak oscillation, with a reference range for main prices set between 12,200 and 12,600 yuan [4]