[SMM Review] 304stainless steel goes down with nickel price 200,400 series "eat melon" wait and see

SMM7 News of the 5th of June:

The price of stainless steel 200 series and 400 series remained stable this week, while the price of 300 series fluctuated due to the fall of nickel price. As a result of the fall in nickel prices this week, the price of 300series stainless steel has been cut by 50 yuan per ton with nickel prices. As of Friday, Wuxi private 304cold rolling offer 14200 yuan / ton, down 100yuan / ton from last week; 304hot rolling quotation 13650 yuan / ton, down 50 yuan / ton from last week. Some agents said that although the stainless steel price has been adjusted, but the actual transaction situation has not significantly improved, compared with last week's transaction situation, this week's transaction deviation, some agents purchase cautiously, for the follow-up stainless steel prices maintain a negative attitude.

据SMM调研，不锈钢库存现处于中高位水平，短期降库难以实现；镍价后续走势偏弱震荡，对于不锈钢价格支撑有限。预计不锈钢价格偏弱震荡，市场交投维稳运行。