Price trend

According to the price monitoring of SunSirs, the price of stainless steel has slightly increased this week. As of April 3rd, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (tolerance 0.91) was 12,707.14 RMB/ton, an increase of 0.06% from the beginning of the week and 1.63% year-on-year.

According to the price difference analysis tool of SunSirs, the prices of nickel and stainless steel were basically similar, and both prices have slightly decreased.

Analysis review

This week's stainless steel inventory totaled 108.75 tons, a decrease of 1.08% compared to last week, with both cold and hot rolled inventories falling.

In February 2025, the crude steel production of domestic stainless steel plants was 3.1453 million tons, an increase of 283,800 tons month on month. In March, the production of 3502,600 tons was scheduled, including 976,300 tons of 200 series, an increase of 6.26% month on month; The 300 series produced 1.9014 million tons, an increase of 14.94% month on month; The 400 series had 624,900 tons, an increase of 9.21% month on month.

From an upstream perspective, some areas in Indonesia have been affected by the rainy season, resulting in a short-term tightening of nickel ore supply. The bottom price support for nickel iron still existed, and Mysteel's domestic to factory price for high nickel iron was reported to be between 1,020-1,035 yuan/nickel; In terms of ferrochrome, the steel price rose by 600 RMB/ton month on month in April, and the market showed strong bullish sentiment, with ferrochrome prices running steadily. As of April 3rd, there was significant pressure on the production cost of stainless steel, and steel mills had a strong willingness to raise prices.

From the perspective of supply and demand, 43 domestic stainless steel plants are expected to produce 3.4845 million tons of crude steel in April, an increase of 0.45% month on month and 8.18% year-on-year. Although there have been recent reports of steel mills reducing production, the output was still at a high level, and supply pressure continued. The downstream wait-and-see sentiment was relatively strong, and the overall digestion level was relatively limited, so supply and demand were still in a game.

Market outlook

The contradiction between the cost support of stainless steel and the supply-demand game still exists, while policy variables and market sentiment will exacerbate fluctuations. It is expected that stainless steel will fluctuate to be stronger in the short term.

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