Stainless steel future prices in China expected to rebound in short future
Time:Thu, 28 Jul 2022 09:25:09 +0800
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The stock of pure nickel in China reached the lowest level in its history. The low inventory supports the price of nickel, and stainless steel futures rose accordingly. Some traders believed that the price should start slowly increasing. However, the spot market of stainless steel still keeps falling.
There were only a few transactions in the market, so the price decline of stainless steel slowed down slightly, and the price of ferronickel gradually stabilized. However, mills of ferronickel have already started to reduce production because the price correction is limited, resulting in continuous losses, so they were unwilling to lower prices.
At present, the demand from downstream is poor, so the situation is difficult to change in a short time. However, the price reduction has slowed down. Meanwhile, the demand has gradually recovered.
