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