Today's morning trading, the metal market is generally red, in which stainless steel performance, opening up until the limit, currently at 14725 yuan / ton, an increase of 5%, a high of more than 2 months, the position increased to 117000 hands, the highest since the listing. Since New Year's Day returned to the market, stainless steel futures contracts have become increasingly strong in recent months, and positions in main contracts have gradually increased.
In terms of fundamentals, domestic stainless steel is in a tight state; coupled with the recent fermentation of logistics problems, the shortage of goods in the market has intensified. According to SMM research, the spot supply of stainless steel market is tight at present, especially some specifications of cold rolling resources continue to be out of stock, and the current market demand of stainless steel is good, with a large increase in downstream products and export orders, and a small supply, the spot price has been in an upward trend.
In addition, due to logistics restrictions, the Delong Steel Plant, which is widely rumored in the market, may be out of stock in Wuxi. According to industry insiders, "in response to environmental emission requirements, only trucks with national five and above emission requirements can be on the road." as a result, the volume of logistics transportation has shrunk by 40%, and everyone's arrival has been slow. " This makes the Wuxi market, which has been in a state of shortage, even more anxious. At present, some choose to be transported by water in steel mills, while others go to steel mills to bring it up.
At the same time, large steel mills have plans to deliver the warehouse in January, and the supply of delivery is ready, but the formalities have been delayed, resulting in a shortage of warehouse receipts. According to market understanding, a large stainless steel factory due to some stainless steel registered futures contract warehouse receipts, reducing the market volume, the spot market supply reduced, resulting in tight supply.
The trend of stainless steel futures in the early stage was weak, and the current price difference exceeded 1000 yuan / ton at one time. The stainless steel futures contract prices pull up, on the one hand, driven by the spot market price upward, give bulls confidence; secondly, the current price difference repair, as of the latest quotation, the current spread from the previous week's early futures discount of 785 yuan / ton repair to 145 yuan / ton; on the other hand, SS2101 contract registration warehouse receipts and contract positions have a certain gap, strengthening the long position sentiment. Now driven by the futures limit, futures prices for the spot will form a certain promotion, the follow-up in the stainless steel spot price continues to be less trend, stainless steel spot will still be strong.
Related reading: "[SMM analysis] stainless steel futures multiple contracts limit!" The upward trend of tight spot prices will not change. "
