SunSirs: The Stainless Steel Market Was Weak and Declined in This Week (May 8-12)
May 16 2023 13:44:08 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, stainless steel had slightly declined this week. As of May 12th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 15,575 RMB/ton, a decrease of 1.81% from 15,862.5 RMB/ton at the beginning of the week and a year-on-year decrease of 22.9%.
According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel were basically consistent, with both nickel and stainless steel prices experiencing a weak decline in recent times.
Analysis review
This week's total stainless steel inventory was 1.094 million tons, a decrease of 3.2% compared to last week. Among them, cold rolled inventory decreased and hot rolled inventory increased. This week, due to macro factors and increased supply, the price of upstream nickel had significantly decreased, and stainless steel was also weakly lowered due to nickel.
In April 2023, the production of 300 series crude steel by 41 domestic stainless steel factories with new caliber reached 1.4134 million tons, a decrease of 3.2% month on month and 4.3% year-on-year; In May, the scheduled production was 1.6671 million tons, an increase of 17.9% month on month and 16.8% year-on-year. In May, stainless steel scheduled production reached a new high, and demand remained in a weak recovery state. There was a risk of traders selling ferronickel after the decline in nickel prices.
Market outlook
It is expected that stainless steel will remain weak in the short term.
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