Price trend
According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of June 14th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was temporarily quoted at 13,064.29 RMB/ton, a decrease of 0.44% from the beginning of the week and a year-on-year decrease of 5.96%.
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.
Analysis review
This week, the total stainless steel inventory was 115.03 tons, an increase of 4.74% compared to last week, with both cold and hot rolled inventories showing an increase.
Indonesia's nickel mine RKAB approval had increased, and supply conflicts are expected to ease. Indonesia had announced the latest RKAB approval progress, with an approved nickel ore mining quota of 240 million tons per year, an increase from the approved amount surveyed at the end of May.
In May, the global nickel mining volume experienced a seasonal rebound, with an increase compared to the same period last month. In May, 43 stainless steel factories in China produced 1.65285 million tons of 300 series, a decrease of 1.8% month on month. In June, production was 16.9835 million tons, an increase of 2.75% month on month. In June, there was still an increase in stainless steel production, but steel mill profits shrank, household appliance production declined, cold rolled demand weakened, and overall inventory rebounded for two consecutive weeks.
Market outlook
It is expected that the price of stainless steel will be weaker in the short term.
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