Stainless steel and mild steel price higher

2024-04-19 16:24:05

In the raw material market, the average ex-factory price of ferronickel increased by 5 yuan/nickel, the average ex-factory price of ferrochrome remained unchanged, and the price of electrolytic nickel in Jinchuan fell by 500 yuan/ton.

Fed Chairman Jerome Powell said there was a lack of further progress on inflation. While there is progress in inflation, it is not happening fast enough and it may take longer to have confidence in inflation. Statements on inflation further undermined market bets on the Fed cutting interest rates. Strong inflation in the first quarter has created new uncertainty about whether the Federal Reserve can lower interest rates this year without signs of an economic slowdown. The sharp shift in the Fed’s outlook came after a third straight month of stronger-than-expected inflation data, which appeared to dash hopes that the central bank might preemptively cut interest rates. If inflation continues to rise above 2%, the Fed may keep interest rates at current highs for longer.

According to the National Bureau of Statistics, my country’s economy performed smoothly in the first quarter and achieved a good start. The overall production situation is good, and the industry has achieved rapid growth. Consumer investment continues to recover, and net exports gradually pick up. New economic vitality continues to be released, new productivity continues to be cultivated, investment in key areas grows rapidly, and the industrial supply structure is further optimized.

Rising capital costs and geopolitical risks triggered a surge in implied volatility, and the commodity index fluctuated higher. In the morning, the stainless steel market was still worried about shipments. In the afternoon, the price of the main futures contract rose again. The spot atmosphere in the market instantly improved, and the price also turned from falling to rising. However, market orders are still cautious. After all, downstream orders are not good, and only the price has increased. The sharp rise in carbon steel is also one of the reasons for the rise in stainless steel prices. Although the real reason for the rise in stainless steel has not yet been found, stainless steel futures have risen, and the spot price naturally does not dare to fall blindly. The main stainless steel contract breaking a new high today is also due to the month change of the main contract. Most people only look at the price and don’t know the reason. According to the current fundamentals of stainless steel, the rise is still due to the tension in nickel and iron that has been reported in recent days, and has risen for two days in a row. The general rise in prices of most metals may reflect the courage to take the initiative to raise prices. Sellers of stainless steel futures have taken the initiative to reduce their positions every day for more than a week, and there are no signs of large sellers increasing their positions. Although positions in recent months are still continuing to reduce their positions today, there are signs of large sellers actively increasing their positions in the September contract, which seems to be positive for the rise. Still need to be cautiously optimistic.

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