Price trend

According to the price monitoring of SunSirs, stainless steel fell slightly this week. As of March 10, the daily average price of spot 304/2B stainless steel flat plate 1.0 * 1219 * 2438 (tolerance 0.91) was 16,875 RMB/ton, down 1.03% from the price of 17,050 RMB/ton at the beginning of the week and down 17.28% year-on-year.

According to the analysis tool of the price difference of SunSirs, the price trend of nickel and stainless steel was basically the same, and the price of stainless steel and nickel had declined recently.

Analysis review

This week's stainless steel inventory totaled 1.35 million tons, up 3.5% from last week, of which the inventory of both cold rolled and hot rolled warehouse fell.

In February 2023, the output of 300 series crude steel from 41 domestic stainless steel plants was 1,483,100 tons, an increase of 8.6% month-on-month and 15.4% year-on-year; In March, the schedule product of 300-series crude steel was 1,574,900 tons, an increase of 6.2% month-on-month and 2.8% year-on-year.

The terminal demand was weak, but the expectation of overall improvement still existed. Compared with the previous transaction price, the transaction price had dropped sharply and had a trend of weakening. The cost of stainless steel collapsed, and the mainstream steel mills did not jointly reduce production under the background of high inventory. After the steel price fell, the transaction improved.

Market outlook

In the later stage, it is necessary to see whether the raw material nickel stop falling and whether the head steel plant substantially reduce its production. It is expected that the trend of stainless steel will fluctuate to be weaker in the short term.

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