Looking ahead, the slope of domestic demand recovery is particularly important in the context of the surplus of production capacity and raw ferronickel throughout the year, and the difficulty of reversing export expectations. Judging from the feedback from downstream surveys, the short-term demand recovery speed is limited. At present, the negative feedback of high inventory pressure is transmitted upstream, and steel mills enter the maintenance and negative stage in advance, and the follow-up key is still the recovery of demand after the supply pressure is eased. If domestic demand is limited during the peak season, further pressure may be needed on the supply side to reduce production; If the inventory pressure eases and the demand in the peak season is realized, the price of stainless steel may stabilize and rise.