SunSirs: Stainless Steel Slightly Increased This Week (August 14-18)
August 22 2023 10:34:59 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, stainless steel slightly increased this week. As of August 18th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 14,142.86 RMB/ton, an increase of 0.66% from 14,050 RMB/ton at the beginning of the week and a year-on-year decrease of 4.87%.
Analysis review
According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel were mostly similar, but there were some differences in the recent price trends of nickel and stainless steel. Nickel prices first fell and then rose, while stainless steel prices were rising, showing a stronger trend.
This week's total stainless steel inventory was 98.78 tons, a decrease of 1.7% compared to last week, with both cold rolled and hot rolled inventories showing a slight decline.
Indonesia's anti-corruption reviewed, the issuance of RKAB was suspended, and the supply of nickel ore had intensified. It is during the traditional reserve period, and the market was concerned about the shortage of raw materials. The price of nickel iron had risen, and the cost of stainless steel had risen. The rise in futures trading had driven up spot prices, and the market still had expectations for improving demand during the peak season. If there is a disturbance in the supply side of raw materials and finished products, there will still be an upward drive.
Market outlook
It is expected that stainless steel will have a stronger trend in the short term.
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