SunSirs: Stainless Steel Rebounded from Low Levels This Week and Then Fell Back (April 17-21)
April 24 2023 14:36:03 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, stainless steel rose first and then fell this week. As of April 21st, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was quoted at 143,57.14 RMB/ton, an increase of 0.15% compared to 143,357.14 RMB/ton at the beginning of the week and a year-on-year decrease of 22.28%
According to the price difference analysis tool of SunSirs, the trend of nickel and stainless steel prices is basically consistent. Recently, nickel prices bounded, while stainless steel prices slightly increased and then fell behind.
Analysis review
This week's total stainless steel inventory was 1.1184 million tons, a decrease of 5.67% compared to last week. Among them, cold rolled inventory decreased and hot rolled inventory increased.
Recently, nickel rebounded from a low level this week, and the atmosphere of the industrial chain had improved. In addition, nickel's dominant inventory was at a low level, and nickel rebounded strongly driven by funds. However, the improvement in nickel fundamentals was limited, and the supply increment was considerable, lacked sustained upward momentum, and then fell back. Driven by upstream nickel prices, stainless steel was continuously rebounding for several days, and the market atmosphere had improved. This week, 300 series stainless steel was destocked for the fifth consecutive week, with significant inventory depletion and a sustained staged rebound in stainless steel. With the repair of steel mill profits, the probability of future resumption of production increases, which suppresses the price of stainless steel.
Market outlook
It is expected that stainless steel will mainly operate with fluctuations in nickel prices in the short term.
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