According to the price monitoring of SunSirs, on September 24, the spot price of stainless steel fell slightly, with a price of 21,900 RMB/ton, a slight decrease of 0.64% from the previous trading day.
Relative to the sharp drop in stainless steel futures prices, the decline in spot stainless steel prices was relatively stable. Previously, due to the continuous fermentation of production and electricity restrictions, the current price of stainless steel had repeatedly reached new highs. However, under the influence of high prices, downstream demand had also been greatly affected, and the fear of high prices was stronger. With the news of a 30% reduction in the production of Qingshan steel in a steel plant in Fujian on the 23rd, the bullish factors brought about by the steel plant’s production restriction and production reduction may have been released.
On the macro front, the Fed’s monetary policy contraction has brought negative factors.
The fundamentals of stainless steel show a weak state of supply and demand. It is expected that the weakening trend of stainless steel will be the main trend in the short term.