This week, the most-traded SS2502 futures contract experienced a significant decline. On Monday, there was a slight uptick, with an opening price of 12,930 yuan/mt, followed by a continuous downward trend throughout the week, closing at 12,705 yuan/mt on Friday. Macro front, this week was influenced by the US Fed, as the reserve balances in the US banking system fell to their lowest level since October 2020, dropping below the $3 trillion threshold, impacting the Fed's decision to continue reducing its balance sheet. As of January 1, bank reserves decreased by 326 billion yuan to $2.89 trillion, marking the largest weekly drop in two and a half years. Fundamentally, major steel mills saw weak arrivals on the supply side this week, and market circulating inventory further declined. Overall, stainless steel is currently under the influence of macro factors, with fundamentals still in a weak "winter" phase, continuing to explore new lows. With the plunge in stainless steel prices, the decline is expected to slow down next week.
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