Price trend

According to the price monitoring of SunSirs, stainless steel had slightly declined this week. As of November 24th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 12,714.59 RMB/ton, a decrease of 1.87% from 12957.14 RMB/ton at the beginning of the week and a year-on-year decrease of 17.52%.

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 stainless steel inventory totaled 99.53 tons, a decrease of 1.94% compared to last week. Among them, cold rolled inventory increased and hot rolled inventory decreased.

In October 2023, the crude steel production of domestic stainless steel plants was 1.534 million tons for 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, 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 as the main focus.

Market outlook

Under the weak downstream purchasing willingness of nickel iron, nickel iron continued to accumulate inventory, and the price of nickel iron continued to weaken without bottoming out. The cost of stainless steel further collapsed, and there was no sign of a rebound in demand. It is expected that the price of stainless steel will continue to fluctuate and decline in the short term.

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