First, the ex-factory price of stainless steel fell significantly in November. The ex-factory price for stainless in November (including the tax price) was lowered from the previous month in October.


Among them, 304 stainless steel cold rolled coil prices fell 1,000 yuan / ton, 304 hot rolled coil prices fell 1,500 yuan / ton, 400 series cold rolled coil prices fell 300 yuan / ton, 430 hot rolled coil prices fell 900 yuan / Ton, the price of other 400-series hot-rolled coils fell by 300 yuan/ton, and that of BN was lowered by 400 yuan/ton. After the price adjustment, the price of 304 cold-rolled coils was 16,300 yuan/ton, and that of 304 hot-rolled coils was 14,500 yuan/ton.

Second, the price of stainless steel raw materials is mainly adjusted downwards. In October, the overall nickel price trend of the London Metal Exchange was mainly declining and the inventories continued to increase, which continued to suppress the rebound of nickel prices.


In October, the trading range for nickel prices was 14700 USD/ton to 17,000 USD/ton. The weak operation of the nickel price has reduced the support for the domestic scrap market. The price of scrap stainless steel has fallen after the previous period of the main body held steady. The domestic mainstream area waste stainless steel grade 304 (Ni ≈8%) is quoted at 9,000 yuan / ton ~ 9200 yuan / ton, 304 return charge mainstream purchase price is 8500 yuan / ton ~ 8800 yuan / ton (excluding tax), than At the end of September, it fell by about 1,250 yuan/ton.



Third, from the perspective of macroeconomic data, the growth of stainless steel demand in the future will be limited. National Bureau of Statistics data show that China's manufacturing purchasing managers index (PMI) was 50.8%, down 0.3 percentage points from the previous month.


Among them, the new order index was 51.6%, down 0.6 percentage points from September; the new export order index was 49.9%, down 0.3 percentage points from September, indicating that China's manufacturing industry as a whole remained weak and stable. On the whole, the current investment growth in domestic real estate, manufacturing and other industries are in decline.

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