Stainless steel spot prices fluctuate higher, inventory and current raw material profits are inverted and repaired synchronously [SMM analysis]

This week, the spot price of stainless steel fluctuated higher, and the inversion of inventory and current raw material profits was repaired simultaneously. Due to the impact of Ramadan and Eid holidays in Indonesia's RKAB review in April, the approval process has slowed down. The mining at the ore end has not yet been increased, and the price of nickel ore has temporarily stabilized this week. Over the weekend, the British and US sanctions on the Russian nickel metal incident fermented, the nickel disk drove the main force of stainless steel to fluctuate higher, superimposed on the current steel mill raw material procurement demand release, the ferronickel market tradable spot is tight, the transaction price of high nickel pig iron rose, and the high nickel pig iron index rose 16.23 yuan / nickel point this week. Spot prices rose with the disk this week, inventory raw material profits quickly repaired, nickel raw materials this week except for the high nickel pig iron cost rise, other raw material prices are stable, but by the spot price increase, the current raw material profit inversion narrowed. This week, the RKEF process cost is about 14218.86 yuan/ton, and the non-RKEF process cost is about 14372.88 yuan/ton. In terms of high-carbon ferrochrome, near the end of the month, due to the expansion of steel recruitment in April, the oversupply in the month, the market wait-and-see sentiment is strong, the transaction is light, and the price of high-carbon ferrochrome is weak in the short term. To sum up, this week's spot prices fluctuated higher, although the price of nickel-based raw materials rose, the cost line rose limitedly, and the profit inversion eased.