Today, the stainless steel futures market commenced with an opening price of 14005.00 yuan per ton. Throughout the trading session, prices fluctuated, reaching a peak of 14115.00 yuan/ton and a low of 14000.00 yuan/ton. As of the latest update, the temporary price stands at 14090.00 yuan/ton.
Market Review from July 23:
On July 23, the stainless steel futures market experienced significant gains, culminating in the main contract closing at 14035.0 yuan/ton, marking a notable 1.48% increase. Trading volume reflected a decrease of 8775 lots compared to the previous month.
Position Analysis:
Data from the top 20 futures companies reveals a scenario where the main stainless steel futures contract holds 96482 long positions and 1259393 short positions, resulting in a net position of -8932 lots, indicating a net short position. Both long and short positions show a trend of reduction, with long positions witnessing a more pronounced decline relative to short positions.
Market News and Analysis:
Recent reports indicate that in the first quarter of fiscal year 2025, India transitioned to a net steel importer, surpassing its exports. This shift underscores global dynamics impacting steel markets.
Expert Insights:
Hongyuan Futures: Observes general transaction levels in the spot market with a narrowing basis premium. Despite a decrease in Shanghai Futures Exchange inventory and stable prices for high-carbon ferrochrome, weak terminal demand and high inventory levels may weigh on stainless steel prices, suggesting potential for low-level fluctuations.
Huarong Rongda Futures: Highlights ongoing weak fundamentals, noting sustained high inventories and cautious market sentiment regarding nickel prices. Attention is drawn to upcoming changes in visible inventories and the impact of production adjustments by steel mills.
Conclusion:
With mixed signals from supply, demand, and cost dynamics, the stainless steel futures market anticipates continued volatility amid global economic uncertainties and industry-specific challenges.
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