Although the futures price of stainless steel in the Chinese market fell, the spot price was temporarily stable due to the increase in ferronickel prices and strong price support by PT Indonesia Tsingshan Stainless Steel.

Local distributors pointed out that the first quarter is originally traditional off-season. The trading volume in January and February will be weak, and it is speculated that buying momentum will not pick up until mid-March.

Despite the lackluster buying sentiment, downstream customers' inventories are generally low, mainly due to a lack of market confidence.

At present, judging from the new base prices of upstream steel mills in January, most of them have increased slightly or remained flat. Chinese and Taiwanese mills both insist on its offer. If buyers have actual orders, the mills will still consider giving profits to customers to promote market activity.