[SMM investigation] the final value of PMI comprehensive index of stainless steel in November decreased by 45.21% and was lower than expected.

SMM, Nov. 1:

The final value of the PMI composite index for the stainless steel industry in November was 45.21%, significantly lower than expected at the beginning of this month, and 4.15% lower than the final value of the previous month. In November, the severity of the situation in the stainless steel industry and the room for price decline still exceeded market expectations to some extent. The high purchasing cost of raw materials in the early stage and the sharp plunge in prices today have forced the stainless steel factory into a hot corner. At the end of the month, even on the market, there are rumors that steel mills have "destroyed" the high price of nickel and iron purchased in the early stage. It can be seen that the problem of stainless steel sprouting passively in front of the rising nickel price is almost difficult to return, and the contradiction is released in large quantities this month. The final value of the production index in November is 41.17%, facing the difficult situation of price plunge, the non-integrated stainless steel plant has basically completely failed, and production reduction measures or plans have poured in one after another. November order index 41.65%, excluding the stainless steel itself oversupply situation, entering the fourth quarter, terminal consumption itself showed a weakening trend, coupled with the end of the year each link of the industrial chain funds are not abundant, in the last two months of this year, the progress of inventory may not have too obvious results. The purchasing volume index is 48.74%. Although the raw material stock volume of the stainless steel plant basically meets the immediate demand, the strong operating pressure makes the purchasing demand of the stainless steel plant slow down compared with the early stage, and the stainless steel plant with high price purchase in the early stage has the situation of renegotiation.

The initial value of PMI composite index in stainless steel industry in December was 44.88%. The production index is 39.03%. According to SMM, stainless steel plants with the intention to reduce production basically take action one after another in late November, so the reduction in production in December is expected to be mainly related to the measures to reduce production in November. For steel mills in no hurry to reduce production and maintenance, the annual routine maintenance will basically be arranged around January next year. The index of new orders is 40.49%, which is difficult to be optimistic, mainly because of the early Lunar New year this year, which occurs in January of the Gregorian calendar, and downstream demand may enter the holiday state after completing the appropriate stock in December. There is not enough time left for stainless steel suppliers who want to go to the warehouse. The product inventory index is 48.54%, which is expected to improve or only slightly better in December than in November, because high inventories exist not only in social links, but also in steel mills, which is actually more difficult to digest and takes a long time to digest.

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