China Stainless Steel Market Update, January 29, 2024 Stability Before the Spring Festival

Market Dynamics: Stainless steel futures experienced a significant drop in the morning, followed by fluctuations, but the spot market remained relatively stable. As the Spring Festival holiday approaches, market transactions have almost come to a halt.

Raw Material Trends: Nickel iron prices saw a slight increase due to policy and election factors in Indonesia, but the price rise is limited due to oversupply.

Inventory Status: After a period of de-stocking, pressure on the spot market’s inventory is low. Traders maintain a strong price-holding attitude, though pre-holiday purchasing is slowing down.

Outlook: The prices of privately-produced cold-rolled stainless steel are expected to fluctuate before the holiday, with the market focusing on the arrival rhythm of steel mill resources.

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