SunSirs: Stainless Steel Futures Rose Sharply Amid Rumors that A Factory Had Cut Production
January 11 2022 14:06:58 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, the price of stainless steel was mainly weak and stable, and the spot price of stainless steel was 17,566.67 RMB/ton, down 0.57% from the previous trading day. Stainless steel futures surged 3.36% to 17,400 RMB/ton.
Analysis review
In the afternoon, there was a market rumor that "a cold rolling mill in Shandong will reduce production due to the Winter Olympics". The monthly output of the cold rolling mill is about 50,000 tons. If the rumor comes true, it will have some impact on the market. Stainless steel futures also rose sharply after hearing this news. Upstream nickel prices also rose sharply, supporting stainless steel prices. However, the spot market is relatively calm, the demand was in the off-season, and the purchase was mainly on-demand. There was a shortage of certain specifications in the market, supporting the stainless steel market.
Market outlook
It is expected that in the short term, stainless steel will be stable and tend to be stronger.
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