There was a big futures earthquake on Black Wednesday: Lun Nickel fell 300, Shanghai Nickel fell 7000, futures fell 200, some 201 fell 50, some 304 fell 50-100, and 201 and 304 narrowed. the groups were stable.
Nickel futures: Lun Nickel down over $300; the maximum decline in Shanghai Nickel increased to more than 7,000 yuan; Major stainless steel futures fell more than 200 yuan, currently at a low of 14,700 yuan.
Regarding scrap raw materials: the purchasing prices of 201 and 304 stainless steel scrap 304 sheets are stable, the market price of high-nickel iron fell by 5 yuan, and the market price of ferromolybdenum fell by more than 4,000 yuan; former plant, the price of high-carbon ferrochrome is stable.
Regarding steel mill prices: Dongte 304 hot rolling dropped by 50 yuan, 316L hot rolling dropped by 100 yuan; cold and hot rolling Zhangpu 316L and 321 fell by 100 yuan; cold and hot rolling Taigang 316L and cold rolling 304 fell by 100 yuan. yuan.
Regarding market quotations: the price of some 201 wide plates fell by 50 yuan, while the narrowband aspects were slightly stable; some 304 materials fell 50-100 yuan, while narrow-band plates were relatively stable; some 316L materials fell by 50-100 yuan. , and the 400 series materials continued to perform stably.
Composite Indicators: Nickel futures continue to fall and the market has been in a cost inversion situation for a long time. Steel mills and agents remain reluctant to adjust prices. From the spot market, the pressure on the broadband market is greater, and the pressure on the Narrowband market is less. The pressure on the wide plates has increased in recent days. They are still actively adjusting prices to accommodate orders. The narrowband market is already feeling sluggish across the board. Sellers are reluctant to rush to accept orders at low prices, and buyers are reluctant to actively place orders.
The countdown to Mid-Autumn Festival and National Day is approaching. The market had already switched to holiday mode. Tomorrow is only one day left. Some peers are still waiting to collect cheap resources. However, this is difficult for sellers. carry out an overly aggressive price adjustment. We are waiting to see if it will happen after the holidays. There is an opportunity for a rebound.