Source: GF Futures Author: GF Futures
Research report text
[Spot]According to Mysteel, the price of Wuxi Hongwang 304 cold rolled on November 14 was 16,850 yuan/ton (bladed edge), -150 yuan/ton MoM; the basic difference was 505 yuan/ton, +390 yuan/ton on a monthly basis.
【Supply】According to Mysteel research, 40 domestic stainless steel plants produced 1.6512 million tons of 300 series crude steel in October, a monthly increase of 17.22% and an annual increase of 25.63%. %. In October, Indonesia’s crude steel production of stainless steel was 417,000 tons (300 series), an increase of 11.2% MoM and a decrease of 0.71% YoY; November production is expected to be 420,000 mt, up 0.7% MoM and down 2.3% YoY.
【Demand】 The traditional peak demand season has passed and demand has weakened. Under the influence of interest rate hikes, foreign demand is weak. Except for orders from Southeast Asia, export orders from other regions have declined.
[Inventario]According to Mysteel, the total inventory of 300 series in the domestic traditional stainless steel market on Nov. 10 was 385,700 tons, an increase of 1,300 tons or 0.34 percent from the previous period.
[Logica]In October, 40 domestic stainless steel plants produced 1.6512 million tons of 300 series crude steel, a monthly increase of 17.22% and an annual increase of 25.63%. Supply pressure is gradually emerged. Demand has not improved significantly and downstream purchases are made on an order basis. The 300 series inventory continued to move up slightly and the inventory in the factory warehouse increased. The prices of ferronickel, ferrochrome and scrap stainless steel at the end of raw materials all fell, and the cost weakened. However, due to cost support, ferronickel prices have recently started to rise. Overall, supply is strong and demand is weak, the cost is still sustained and the range fluctuates.
【Operating Tips】 Empty orders profit from declines.
[Vista a breve termine]Neutral.
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