Stainless steel prices open higher and fall, China and Indonesia increase ferronickel production

News / 2020-06-04 16:53:03

Disk situation: The main stainless steel 2008 contract opened and fell on Wednesday, with the highest 13165 and the lowest 12970 during the day, closing 13030, which was 0.11% lower than the closing price of the previous trading day; the trading volume was 27397, +11612; the position 48078, +2856. Basis -970; SS07-08 spread 145.
 
 
Market focus: (1) At 20:15 on Wednesday, Beijing time, the United States will release May ADP employment population change data, the market is expected to reduce 9 million. (2) According to Mysteel data, China & Indonesia's ferronickel production metal volume totaled 88,000 tons in May 2020, an increase of 12.2% month-on-month and an increase of 13.2% year-on-year.
 
 
Spot analysis: June 3 spot 304/2B volume-trimming, Wuxi offer 13900-14100, average price 14000, +0, Foshan offer 14100-14300, average price 14200, +0. According to traders, after the market transactions became slightly active on Monday, there has been a gradual recovery of lightness in the past two days. Prices are generally flat today, and some specifications are adjusted slightly for shipments depending on inventory conditions.
 
 
Warehouse receipt inventory: Wednesday, stainless steel warehouse receipts totaled 1,008 tons, a daily decrease of 60 tons.
 
Main positions: 3905 lots of the top 20 long positions in the 2007 stainless steel contract, a daily decrease of 1396 lots, short positions of 3576 lots, a daily decrease of 1521 lots, a net long position of 329 lots, a daily increase of 125 lots, both long and short positions decreased, and net long increase.
 
 
Market research judgment: June 3 stainless steel opened higher and fell back in 2008. Domestic nickel ore supply continues to be tight, and the price of ferronickel is supported by costs. In addition, the recent price increase of ferrochromium, the cost end support still exists; and the domestic 300 series cold-rolled stainless steel stocks have recorded a decline again, forming support for steel prices. However, the output of ferronickel from China and India has rebounded significantly, and the supply of ferronickel is expected to continue to increase; coupled with the decline in foreign trade export orders, exports have continued to weaken in May and June; and imports of semi-manufactured stainless steel from Indonesia have increased significantly, increasing pressure on steel prices Big. On the spot market, according to traders, after the market transactions were slightly active on Monday, there has been a gradual recovery in the past two days. Technically, stainless steel main 2008 contract mainstream short positions have increased positions, maintaining box-shaped oscillations, and short-term oscillation adjustments are expected. In terms of operation, it is recommended that the SS2008 contract can be operated in the range of 12,900-13,200 yuan/ton, with a stop loss of 100 yuan/ton.

Stainless steel prices open higher and fall, China and Indonesia increase ferronickel production

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