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[SMM comment] after stainless steel futures rose, the spot price in the callback market was temporarily stable.
Apr 22,2020 18:26CST
The content below was translated by Tencent automatically for reference.

SMM, 22 April:

Today, the stainless steel SS2006 contract opened at 13015 yuan / ton, during the day, the upper 13000 yuan / ton gate pressure, in the 12900 yuan / ton above the interval shock operation, and finally closed at 12950 yuan / ton, compared with the settlement price of the previous trading day fell 13015 yuan / ton, down 1.75%, trading volume decreased 13815 hands to 28033 hands, position increased to 46211 hands.

Stainless steel SS2006 contract closed in the small negative column, K column pierced the 5-day moving average, but the overall operation is above 12900 yuan / ton, today by crude oil and other macro impact, most of the non-ferrous metals showed a downward trend, Shanghai nickel 2006 main contract fell nearly 3000 yuan / ton, down about 3%; as of 17: 00, Lunni fell $245 / ton, down 2%. Compared with the decline of nickel metal, SS2006 stainless steel decline is smaller, showing a certain anti-decline trend, follow-up attention to the SS2006 contract can stabilize 12900 yuan / ton line.

Spot market, according to research and understanding, 304 cold rolling part of the specification supply is still less, the price is relatively strong, but hot rolling with the supply of steel mills to the market, the price has been slightly loosened down, a change in the previous few days firm state. On the demand side, transactions are gradually weakening. On the one hand, due to the gradual release of the demand for replenishment by downstream and traders in the early stage, the enthusiasm for purchasing is now reduced; on the other hand, the current price is at a high point in the near future, in addition to just needing to pick up the goods, there are also traders who hold a wait-and-see attitude and purchase cautiously.

By the end of the month, under the situation of gradually weakening demand for stainless steel, the power to rise prices is insufficient, but some sources of goods are tight, and prices are relatively strong. When steel mills do not arrive in large quantities, stainless steel prices are expected to show a small concussive trend. Traders or according to downstream procurement and their own inventory situation for a small price adjustment.


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