On February 13, 2023, most of the main domestic commodity futures contracts fell. Shanghai Nickel’s main contract declined, dropping 4.60% to 208,500 yuan. London Nickel fell nearly 6% to 27,450 US dollars after a continuous surge on the 10th. The inventory continued to decline and has now reached 48,072 tons. The nickel trading scam has disturbed the market sentiment, but the actual impact on supply is limited. The raw material end of the industrial chain is relatively strong, but the weak negative feedback from the demand end may be transmitted upstream. The contradictions in the industrial chain continue to focus on the demand end.
Stainless steel futures continued to fluctuate and fell slightly by 0.63% to close at 16,515 yuan. The spot price of stainless steel coils continued to drop, and the 304 cold and hot-rolled coils dropped significantly, dropping 50-100 yuan. After last week’s baptism of high and chaotic prices, the stainless steel market will still return to the current situation dominated by supply and demand. After all, the effect of limiting, raising and stabilizing prices is limited. Unless sufficient funds continue accumulating, the vast majority of merchants will still ship according to their requirements, and the spot market for coiled plates may still operate at a weak price.