Stainless steel plate early comment: futures end both green, spot market to maintain a small rise!

【 Macro News 】

1. Russia's budget deficit soared to record levels

Russia's budget deficit for 2022 will be 3.3 trillion rubles, or about 2% of GDP, the country's finance minister said on Tuesday. The deficit was the highest on record, driven by curbs on oil exports and increased spending due to the Russia-Ukraine conflict, both of which led to a sharp drop in revenues. Preliminary figures show spending in Russia is up by more than a third this year.

2. Central Bank and China Banking and Insurance Regulatory Commission: differentiated housing credit policies should be well implemented based on urban policies

The Central bank and China Banking and Insurance Regulatory Commission jointly held a symposium on credit work of major banks. The meeting stressed the need to cooperate with relevant departments and local governments to do a solid job in ensuring housing, people's livelihood and stability, make good use of policy tools such as special loans and loan support programs, actively provide supporting financing support, and safeguard the legitimate rights and interests of housing consumers. We will implement 16 policies and measures for the financial sector to support the steady and sound development of the real estate market, make good use of the bond financing support tools for private enterprises (the "second arrow"), keep financing channels such as credit and bonds for real estate enterprises stable, and meet the reasonable financing needs of the industry. We need to implement differentiated housing credit policies in light of urban policies, better support rigid and improved housing demand, increase financial support for housing leasing, provide better housing financial services for new citizens and young people, and accelerate the establishment of a housing system that encourages both renting and purchasing.

【 Futures express 】

Overnight Lun nickel down 60 closed 27270 yuan/ton, structural contradictions still exist to provide support, but macro sentiment bearish pressure prices.

Overnight Stainless Steel roll down 245 to 16,740 yuan/ton. Nickel price decline, and weak demand to suppress stainless steel bull confidence, cost firm and optimistic expectations limit the decline, mainly shock.