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]