The prices of raw materials continue to remain strong, and stainless steel fluctuates slightly

　　Since 2024, the overall domestic waste stainless steel market has shown a slight fluctuation trend, with little fluctuation in the price center. As of May 17th, the mainstream receiving price of 304 grade waste stainless steel in Jiangsu region was 9650-9850 yuan/ton, with a cumulative increase of only 150 yuan/ton within the year, an increase of 1.56%. Compared with previous years, the fluctuation space of the market in 2024 is very limited. On the one hand, it is supported by the continuous tightening of market circulation resources, and on the other hand, it is constrained by the continuous lack of product economy. Under the long short game, the space for market price adjustment remains limited.

　　Entering May, the overall performance of the scrap stainless steel market remained stable, with a cumulative price drop of only 50 yuan/ton during the month, a decrease of 0.51%. After just experiencing a low rebound in April, the market performance in May shows that the driving force for price adjustment in the market has significantly weakened. During the May Day holiday, there was not much adjustment in the nickel exchange rate, but after the holiday, the overall stainless steel futures fluctuated slightly and did not form a significant adjustment momentum for the atmosphere of the scrap stainless steel market. Despite the recent news of Putin's visit to China, there has been a clear upward trend in both the internal and external nickel prices for two consecutive days. However, concerns about the pressure on domestic finished product sales in the scrap stainless steel market continue to exist. With the inquiry prices of steel mills not yet adjusted, the scrap stainless steel market maintains a wait-and-see attitude and the momentum of market adjustment remains insufficient.