Last week, the Chinese stainless steel market demonstrated a trend of steady price increases, with an active futures market leading to adjustments in spot prices. As the Spring Festival holiday approached, downstream demand gradually weakened, yet the supply side managed shipments effectively, maintaining market balance.
Futures prices drove market fluctuations, particularly with a significant surge on Wednesday, positively impacting the spot market. Despite a slight cooldown in transactions on Thursday and prices dipping, Friday saw another rise.
Pre-holiday mill maintenance reduced output while shipments were carefully controlled, resulting in a slight increase in warehouse stocks. Traders maintained low inventory strategies to navigate the challenges of diminishing pre-holiday demand.
Although the market is influenced by the holiday season, stainless steel prices are expected to continue fluctuating in the short term. The focus remains on mill maintenance plans and the recovery of market demand post-holiday.
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