316 stainless steel futures up 50, spot market prices firm!

[ Macro News ]

1. Fed: Business demand for credit weakens

Banks reported tighter credit standards and weaker demand for commercial and industrial loans in the first quarter, the Fed said, continuing a trend that began before recent stress in the banking sector. Data from a Fed survey of credit officers released Monday showed that the percentage of banks tightening lending conditions for large and medium-sized companies rose to 46% from 44.8% in the fourth quarter of 2022. The failure of four regional U.S. banks since March has sparked turmoil in the financial sector and heightened fears that banks will restrict access to credit, potentially tipping the U.S. economy into recession.

2. The rain in South China is still frequent in the near future

The State General Office of Prevention, the Department of Emergency Management recently discussed that, at present, the south of China has been fully into the flood, next, heavy rainfall may continue to happen, rivers will continue to rise, flood control situation further tightening. China's National Meteorological Center expects more frequent precipitation in southern China this week.

[ Futures express ]

The London Stock Exchange will be closed on Monday for the coronation of King Charles III. In the short term Stainless Steel Plate roll deviation shock adjustment mainly.

316 Stainless Steel coil futures up 50 closed $15525 / ton, 304 Stainless Steel spot market price atmosphere strong, but the demand has not been significantly better, partial finishing in the short term.

[Shandong market]

316L stainless steel futures shocks throughout the day, the spot market performance is strong, no matter how the futures, spot also seems to follow the rise does not follow down, superposition after May Day 304L stainless steel prices are always strong, prompted the downstream short replenishstock, the market appears a better transaction situation.