Stainless steel prices have been declining this week. News that steel mills had cut production schedules did not provide as much of a boost to the market as lower raw material prices, which weighed on confidence. Steel mills and traders are now mainly shipping goods to warehouses. , but the demand is not. The stainless steel market remains cautious as prices remain low. The market forecast is expected to continue the downward trend in steel production to ease the tension between supply and demand. We will continue to pay attention to news regarding the steel production schedule. The stainless steel market is expected to be weak and its outlook to fluctuate.
The stainless steel futures price bottomed out for the second time in a week: after the price of the main contract rose on Monday, it fell sharply on Tuesday, forming a bearish engulfing pattern. Strong play on the low side and mid-week trading volume has been relatively stable, but with Friday's sharp drop in volume, open interest has increased significantly and the price is approaching last week's price low. the overall downward trend has not changed, and short selling force has been released to a certain extent. The main contract this week closed at 14540, a weekly decline of 1.66%, with its lowest price of the week being 14515.
