SunSirs: Demand Improvement Is Not Obvious and Stainless Steel Futures Market Fell Slightly on the First Day
September 27 2019 10:53:39 SunSirs (John)Stainless steel futures listed on the first day, opening 15575 RMB / ton, closing at the end of the day, stainless steel main contract SS2002 closed at 15,575 RMB / ton, settlement 15,555 RMB / ton, a decrease of 0.06%. In terms of spot, the price of stainless steel is strong, and the price of 304, 2.0 four-foot rolls is 15950-16000 RMB/ton. The spot price of stainless steel is higher than the futures price, indicating that everyone is not optimistic about the future price of stainless steel.
Entering the peak season of September, the demand for stainless steel has not improved significantly, and which lead to stainless steel inventory still hitting a record high. The relative insufficiency of terminal demand has squeezed the profit margin of downstream processing enterprises, so the current supply and demand situation of stainless steel market is not conducive to the rise of prices. However, the short-term price of stainless steel is still supported by the rising cost of upstream raw material nickel due to the ban on mining in Indonesia and the demand of downstream manufacturers for stocks before National Day. Later attention should be paid to whether the demand for stainless steel has improved.
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