1. The Fed raised interest rates, and European and American economic data diverged:

The Federal Reserve raised interest rates by 25 basis points to a range of 4.75%-5% as scheduled. This is the ninth consecutive rate hike by the Fed since last March. The market expects the U.S. interest rate hike cycle to be coming to an end, and interest rates may be cut to 4.25%-4.5% before the end of this year to cope with the economic slowdown.

2. Moderate inflation and stable policy interest rates:

Data show that from January to February, the added value of industrial enterprises above designated size actually increased by 2.4% year-on-year (the growth rate of added value is the actual growth rate after deducting the price factor), and the growth rate was 1.1 percentage points faster than that in December of the previous year. Among them, the ferrous metal smelting and rolling processing industry increased by 5.9%; the steel output was 206.23 million tons, an increase of 3.6% year-on-year.

3. The weak trend of the nickel industry chain continues:

The recent decline in nickel prices is mainly due to the severe situation in overseas energy sources in the macro aspect. The supply side continues to increase, but the demand for downstream stainless steel and new energy industry chains is insufficient. On the other hand, it is also related to the temporary relief of the tight pressure on refined nickel delivery products. According to the data, the national refined nickel output totaled 17,300 tons in February, an increase of 5.49% month-on-month and a year-on-year increase of 33.9%. It is estimated that the national refined nickel output in March will be 17,500 tons, an increase of 1.16% month-on-month and a year-on-year increase of 38.89%. The market output continues to grow.

4. Sufficient stainless steel stock:

At the end of last year, after the epidemic was released, the strong expectations of the domestic market were overheated, and some stainless steel plants were increasing production at full capacity, but it still took time to realize the actual demand; overseas due to the conflict between Russia and Ukraine and the sluggish economy in Europe and the United States, the overall stainless steel market demand Still weak. In fact, stainless steel mills have already begun to reduce production. Against the background of reduced supply from steel mills, stainless steel is ushered in to be destocked this week. However, the weak demand side is still the core contradiction of the industrial chain, which will continue to drag down the price of stainless steel. According to data, domestic stainless steel crude steel production decreased by 86,000-91,000 tons in March, and each series had different degrees of reduction. Among them, the production of 200 series was reduced by 7,000 tons, the production of 300 series was reduced by 77,000-82,000 tons, and the production of 400 series was reduced 0.2 tons.