SHANGHAI, Jul 25 (SMM) – Last week, the stainless steel contract initially experienced downward fluctuations but later recovered, leading to some overall market repair. On the macro front, the data released by the National Bureau of Statistics on July 15 showed that the GDP growth in the second quarter increased by 0.4% year on year, limiting the sluggish trend of economy. However, in the second half of the year, the traditional peak consumption season is expected to arrive, and with effective policy support, it is anticipated to provide a boost to commodity consumption. On the supply side, steel mills continued to control the pace of deliveries, further weakening the supply. On the demand side, market bearish sentiment has eased, but overall trading atmosphere remained sluggish. Most transactions were driven by essential needs. On the cost side, there has been a slight increase in high-grade NPI prices last week. At present, the upstream NPI enterprises generally hold a positive outlook on the follow-up market, but the impact of news factors is causing some weakness in the overall sentiment of shipments from the upstream. It is expected that there might be certain pressure on the future NPI prices to continue to rise. High-carbon ferrochrome prices remained stable last week. There has been a concentration of newly added production capacity, leading to an overall ample supply of ferrochrome. Spot prices for chromium ore are stable and the production costs for ferrochrome are strong. As a result, the short-term prices for high-carbon ferrochrome are expected to maintain a stable trend. SMM predicts that the stainless steel market might experience range-bound movement this week.
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