Costs stabilized in stages, spot sentiment improved, steel prices may have rebound momentum, but supply pressure may limit the upper space. In the early stage, steel prices fell continuously, and when the production reduction of the industrial chain and the decline in the price of nickel in the outer disk fell down, the mine collapsed and released the space below the steel price. However, due to the recent price support mentality at the mine end, coupled with the domestic nickel iron near the profit and loss line to stop falling and stabilize, the cost support logic suppresses the confidence of the bears. Some bears closed their positions and left the market, and the market pulled spot quotations to stop falling and recover. Secondly, the reduction of steel mill production has led to a decline in market arrivals, and the marginalization of stainless steel inventories has accelerated, giving steel prices upward momentum. However, due to the downward cost repair of steel mill profits, and in the pattern of relative overcapacity, the release of supply elasticity is expected to suppress steel prices. Therefore, it is recommended to focus on light positions and try multiple ideas, and it is not recommended to chase too much.