Prices Stabilize, Market Inventory Rebounds
At the beginning of this week, the Chinese stainless steel market’s main contracts opened with a decline, but overall market prices remained stable. In the Wuxi region, the prices of stainless steel spot goods held steady compared to last week, indicating a stable market trend. The quotations from major steel mills also remained unchanged, reflecting stable market expectations.
The spot inventory in the Wuxi region has returned to normal levels, with shortages in certain specifications. Market transactions are at a moderate level, primarily driven by immediate demand. The delivery volumes from steel mills are low, resulting in limited pressure on warehouse receipts.
According to SHFE data, the delivery volume of stainless steel futures has reached a new low in nearly 15 months, signaling signs of market supply tightness. However, the low level of warehouse deliveries and limited supplementary resources indicate a cautious market. With the upcoming pre-holiday stocking demand, short-term prices are expected to fluctuate within a certain range, with the market focus on the pace of incoming supplies.
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Post time: Jan-16-2024
