The spot price of 304 was weak last week. Stainless steel futures plunged continuously at the beginning of the week. Panic market sentiment led to sharp price cuts and sales. The current supply of 200 series is relatively loose but demand is limited. The price is weak and inventory has accumulated slightly. 300 series, after a steel mill in East China lifted the price limit, the price of 304 stainless steel fell and the transaction improved slightly. Last Wednesday, stainless steel bottomed out and rebounded, and the spot price was temporarily stable. Due to the concentrated arrival of goods during the National Day, the volume of shipments this week is small. Although there are more spot resources, both cold and hot rolling have been digested to a certain extent. As for 316, due to the continued decline in ferromolybdenum prices, raw material support has further weakened and demand has been sluggish, the price has continued A sharp decline. The 400 series is mostly in rigid demand from industry, supply and demand are stable, destocking is acceptable, and prices remain weak. Although the overall stainless steel production remained at a high level in September, steel mills' loss-making agents were less willing to deliver goods. In October, the willingness to reduce production became stronger. It is expected that subsequent supply will tighten. After supply and demand are balanced, market sentiment will gradually ease, and transactions may pick up slightly.
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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