Price trend

According to the price monitoring of SunSirs, stainless steel had slightly declined this week. As of November 17th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,057.14 RMB/ton, a decrease of 1.88% from 13,307.14 RMB/ton at the beginning of the week and a year-on-year decrease of 17.75%.

According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel were mostly similar, with both prices falling.

Analysis review

This week's total stainless steel inventory was 101.49 tons, a decrease of 2.137% compared to last week. Among them, cold rolled inventory decreased and hot rolled inventory increased.

In October 2023, the crude steel production of domestic stainless steel plants reached 1.534 million tons in 300 series, a decrease of 8.4% month on month and 7.1% year-on-year; In November, 1.486 million tons decreased by 3.1% month on month and 9.3% year-on-year. Indonesia's crude steel production in October was 397,200 tons, an increase of 9.36% month on month and a decrease of 3.59% year-on-year; In November, the production was 395,000 tons, a decrease of 0.5% month on month and a year-on-year increase of 6.76%. There was no significant improvement in terminal demand, with downstream bargain-hunting procurement being the main focus.

Market outlook

Macro confidence in stainless steel had not improved yet, and the continuous decline in raw material prices had opened up downward space for stainless steel. Steel mills were forced to reduce production due to pressure from factories and warehouses, and were in the stage of actively destocking during the inventory cycle, lacking upward drive. It is expected that the price of stainless steel will continue to fluctuate and decline in the short term.

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