SHANGHAI, Nov 15 (SMM) - The stainless steel market has experienced various news shocks last week. Although the authenticity of the news has yet to be confirmed, it has also caused a certain impact on the market. The current market sentiment is relatively pessimistic.
One trader said: "It is very difficult for the 300 series spot steel price to rise at present. After all, a large steel mill in east China has a large backlog of inventory and has no confidence to increase prices." The continuity of the price hike by a steel mill in south China due to the production suspension cannot be guaranteed. The market is selling at low prices currently, so the sellers with high prices will eventually adjust the prices accordingly.
Another trader said: "The steel mills are still profitable, but the situation of the agents and the traders has not been very good in the past two months. Now as there is a backlog of high-priced goods, they will be sold even with losses.” After the prices fell in November, the selling with lower prices did not stem the decline in the demand, but accelerated the price drop.
We will watch whether the steel mills or downstream private buyers will have greater impact on the market prices.