Slight market fluctuations were seen at the levels of 13,900 and 14,200 yuan/mt. Trading sentiment in the market has recorded a slight decline with the approach of the New Year holiday.
Due to the upcoming holiday, there has been a temporary increase in demand for subsector stock preparations. However, due to end-of-year fundraising, sellers preferred to reduce prices for quick sales. Overall, demand remained relatively weak.
Stainless steel stocks decreased by 3.62% weekly and 8.08% monthly. The pace of stock reduction slowed as traders kept stock levels low.
Overall, the stainless steel spot market was affected by narrow fluctuations in the futures market and lower demand for stockpiling ahead of the New Year holiday. As goods gradually arrive in January, inventory pressures in the market increase. Spot prices are expected to face downward pressure and stainless steel prices may remain low and fluctuate in the future.
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