【Weak Demand Dominates, Stainless Steel Prices Continue to Decline After Hitting Bottom】On April 25, stainless steel prices continued their downward trend this week. Despite spot prices nearing a three-year low, transactions remained sluggish amid a cautious market sentiment. Although social inventory of stainless steel dropped significantly this week and the Labour Day holiday is approaching, market activity remained subdued. On Friday, Tsingshan Group lowered its prices across the board, further driving market prices down. This week, despite the approaching Labour Day holiday, the market did not show active pre-holiday stockpiling. Due to unclear macro policy direction, end-user customers generally maintained a cautious wait-and-see attitude. Current stainless steel prices have fallen to low levels, with steel mills' costs and selling prices severely inverted. Even though the downside room for high-grade NPI prices is limited and high-carbon ferrochrome steel tender prices have risen, the overall cautious sentiment in the market remains dominant, putting significant pressure on stainless steel producers and traders to sell. The persistent weakness in demand has become a key factor suppressing stainless steel prices. Overall, it is expected that stainless steel prices will continue to show a weak trend in the short term.