SunSirs: Stainless Steel Prices Were Weaker This Week (September 2-6)

https://www.chemnet.com   Sep 09,2024 SunSirs

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of September 6th, the daily average price of spot 304/2B stainless steel flat plate 1.0 * 1219 * 2438 (tolerance 0.91) was 12,628.57 RMB/ton, a decrease of 0.51% from the beginning of the week and a year-on-year decrease of 11.38%.

According to the price difference analysis tool of SunSirs, the prices of nickel and stainless steel were basically similar, with a slight decline in recent times.

Analysis review

This week's stainless steel inventory totaled 106.2 tons, a decrease of 2.25% compared to last week, with both cold and hot rolled inventory decreasing.

From the supply side, the production of stainless steel crude steel in September was 3.3757 million tons, an increase of 0.73% month on month and 5.89% year-on-year. Large steel mills in Guangxi will conduct maintenance on some production lines in September, which is expected to affect the production of 200 series crude steel by 30,000 to 40,000 tons.

On the demand side, the short-term recovery of demand was limited, and there was temporarily no sign of Gold September. Many merchants were lowering their profits to ship, and there was no significant improvement in demand. There was no good news to stimulate it. As of September 6th, domestic demand was not good, and export orders were also not good. It is difficult to be optimistic.

Market outlook

Overall, steel mills have reduced production of the 200 series, which may give a slight boost to prices, while the short-term supply of the 300 series is still relatively large. Stainless steel is relatively resistant to decline due to falling below cost, but the fundamentals are weak and the upper space is limited. In the absence of significant inventory buildup in the market, it is expected that the trend of stainless steel will mainly fluctuate and weaken.

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