SunSirs: Stainless Steel Prices Slightly Decreased This Week (June 3-7)

https://www.chemnet.com   Jun 11,2024 SunSirs

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of June 7th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,121.43 RMB/ton, a decrease of 0.38% from the beginning of the week and a year-on-year decrease of 5.65%.

Analysis review

According to the price difference analysis tool of SunSirs, nickel and stainless steel prices were similar. Recently, both stainless steel and nickel prices had fallen.

This week, the total stainless steel inventory was 109.83 tons, a decrease of 1.2% from last week. Among them, the cold rolled inventory increased and the hot rolled inventory decreased.

The production of stainless steel was at a high level, but the downstream transaction atmosphere had not shown significant improvement, and the main focus was still on procurement for essential needs. The actual effect of macro favorable policies still needed to be observed for a time. In terms of inventory, stainless steel factories had seen an increase in arrivals, while downstream transactions had been weak. Last week, social inventory accumulated as scheduled, and warehouse receipt inventory had exceeded 180,000 tons, which had put pressure on prices. Overall, the European Central Bankhad lowered interest rates for the first time in nearly 5 years, and the US May ADP employment data had boosted expectations for the Federal Reserve to lower rates. The supply-demand contradiction and warehouse receipt pressure for stainless steel still existed, but with cost support, the downward space for prices was limited.

Market outlook

It is expected that the price of stainless steel will fluctuate in the short term.

If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.

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