SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (June 17-21)

https://www.chemnet.com   Jun 24,2024 SunSirs

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of June 21st, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 12,900 RMB/ton, a decrease of 0.77% from the beginning of the week and a year-on-year decrease of 6.18%.

According to the price difference analysis tool of SunSirs, nickel and stainless steel prices were similar. The variation range of nickel was greater.

Analysis review

This week, the total stainless steel inventory was 113.3876 tons, a decrease of 1.43% compared to last week. Among them, the cold rolled inventory increased and the hot rolled inventory decreased.

In terms of nickel iron alloys, stainless steel had a rigid demand for high emission production. However, due to the trend of stainless steel maintaining an accumulation of inventory, the weak industrial demand was transmitted upstream, and the purchasing sentiment of stainless steel plants towards high priced nickel iron alloys was weakened. It is expected that the price of nickel iron alloys will continue to operate under pressure. In the cost composition of 304 stainless steel, nickel raw material costs account for 50% to 60%, and nickel raw materials mainly come from high nickel iron alloys. Therefore, the decline in high nickel iron alloy prices means that the cost support of stainless steel will weaken.

From the perspective of stainless steel supply, relevant statistical data showed that China's crude stainless steel production was at a high level of 3.3653 million tons, with a month on month increase of 2%. From the perspective of stainless steel demand, downstream stocking enthusiasm was relatively low, market atmosphere was cold, and terminal demand was also lackluster. From January to May, the overall national real estate market declined, with data on development investment, construction area, completed area, sales revenue, etc. continuing to decline. The improvement effect of macro favorable policies still needs to be observed.

Market outlook

It is expected that the price of stainless steel will be mainly weaker in the short term.

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

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