In August, the domestic steel industry faced a situation of reduced production and maintenance. Recently, unfavorable weather conditions in Indonesia and the Philippines have hindered the transportation of nickel ore, which in turn has allowed the price of nickel ore to remain stable in domestic trade. The demand for nickel ore on the cost side of stainless steel is still tight, prompting the price of ferronickel to show a strong trend. In terms of inventory, the total inventory of stainless steel shown in the Shanghai futures market was 137534 tons, a decrease of 9,445 tons from the previous week, which is conducive to the rebound of prices. From the demand side, although the market has expectations for the peak consumption season in August, the fundamentals lack sufficient upward momentum, and commodity trading as a whole shows a downward trend of pressure. Therefore, it is expected that in the short term, stainless steel will operate in a narrow range.