The spot price of 304 was weak in September. Stainless steel futures fell more before the holiday, and the spot price continued to decline. The market sentiment was pessimistic about price cuts before the holiday. During the week, spot resources were divided into more goods, transactions were light, mostly due to rigid demand, and social inventory accumulated slightly. The price of high-nickel pig iron remained stable during the week, and stainless steel plants had a strong mentality of lowering prices due to higher costs. Sentiment for high carbon ferrochromium has weakened and prices are expected to loosen. At present, the overall supply of stainless steel is strong and demand is weak. The cost line is strong and profits and losses are high. It is expected that stainless steel plants will reduce production in the future. In summary, the price is weak before the holiday and the mood is low. After the holiday, the expectations are pessimistic. The bottom cost support is still there. Production reduction is expected to fall in October. , stainless steel prices rebounded slightly after the holiday and remained weak.
Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn
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