SunSirs: Stainless Steel Prices Had Slightly Increased This Week (July 1-5)

https://www.chemnet.com   Jul 08,2024 SunSirs

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly increased this week. As of July 5th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was quoted at 12,978.57 RMB/ton, an increase of 0.39% from the beginning of the week and a year-on-year decrease of 4.47%.

According to the price difference analysis tool of SunSirs, nickel and stainless steel prices were similar. Recently, there had been some deviation in the prices of nickel and stainless steel, with nickel prices falling and stainless steel prices rising.

Analysis review

This week, the total stainless steel inventory was 108.09 tons, a decrease of 0.57% compared to last week. Among them, the cold rolled inventory increased and the hot rolled inventory decreased.

From the supply side perspective, the production of stainless steel in June decreased month on month, and there was a possibility of further decline in production in July. The expectation of supply contraction was supported. There had been progress in the approval of nickel ore quotas in Indonesia, and the pressure on the mining side had weakened. However, nickel ore remained strong in June, and cost support was still ongoing. In July, mining support may gradually weaken, but Indonesian industrial policies may cause disturbances to the future production of nickel pig iron and high ice nickel. From the demand side, the performance of the demand situation was average. The favorable policies for real estate had been introduced, and there may be room for improvement in the demand for stainless steel, but it will take time to reflect.

Market outlook

Due to the reduction of production schedules by stainless steel plants, the supply-demand contradiction had eased to some extent, and the bottom support brought by industrial costs had limited space below prices. However, poor demand continued to suppress the space above prices. It is expected that the price of stainless steel will mainly fluctuate within a narrow range in the short term.

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

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