Entering March, stainless steel futures continued the trend of a sharp decline in prices at the end of February, further oscillating and falling. The magnitude and speed of the stainless steel futures caught market participants off guard. In just two weeks, stainless steel futures prices fell by about 1,000 yuan/ton, with the highest drop of nearly 9%. Monitoring data shows that on the last trading day of February (Friday, February 26), the closing price, highest price and lowest price of the main stainless steel futures contract were 15005 yuan/ton, 15535 yuan/ton and 14,840 yuan/ton (closing The price has been reduced by 400 yuan/ton from the settlement price of the previous trading day, down 2.60%). By the last trading day of the second week of March (Friday, March 12), the closing price, highest price and The lowest prices dropped to 13,950 yuan/ton, 14,175 yuan/ton and 13,930 yuan/ton respectively. In the past two weeks, the main contract prices of stainless steel have fallen by RMB 1,055/ton (7.03%), RMB 1,360/ton (8.75%) and RMB 910/ton (6.13%).

The decline in the stainless steel futures market did not end there, and it still fluctuates slightly. Although the price rebounds occasionally, more of it still falls. At 3 pm on March 12 (last Friday), the closing price of the main stainless steel contract was only RMB 20/ton lower than the settlement price of the previous trading day, a decrease of only 0.14%. As of 1 a.m. on March 13 (last Saturday), the latest price of the main stainless steel contract rose to 13,965 yuan/ton, an increase of 15 yuan/ton from the previous closing price, but the settlement price fell from the previous trading day 95 yuan / ton, the decline expanded to 0.68%; at the same time, its highest and lowest prices fell to 14,055 yuan / ton (down 120 yuan / ton) and 13,895 yuan / ton (down 35 yuan / ton). The overall downward trend is still obvious.

As of 3 pm on March 15th (Monday), the closing price, highest price and lowest price of the main stainless steel contract were 14,045 yuan/ton, 14,140 yuan/ton and 13,780 yuan/ton, respectively, compared with the corresponding prices on the previous trading day An increase of 95 yuan/ton (up 0.68%), a decrease of 35 yuan/ton (down 0.25%) and a decrease of 150 yuan/ton (down 1.08%). The closing price decreased by RMB 15/ton, or 0.11%, from the settlement price of the previous trading day. Obviously, the market's rebound momentum is still insufficient, and the price decline trend has not changed.

This shows that this round of price decline in stainless steel futures is an inevitable return and is the general trend. However, in the actual operation process, the market nerves were too sensitive and triggered at any moment, resulting in a phenomenon of skyrocketing and plummeting.

In the spot market, since March, the actual transaction of stainless steel products has been very light, and the market has a very strong wait-and-see sentiment. On March 3, the news that the "latite mine-NPI-high matte nickel" process was launched, exceeded market expectations. After a change in the previous nickel price increase, the price of stainless steel adjusted back, and the spot price fell by about 700 yuan/ton.