SunSirs: Stainless Steel Prices Remain Stable This Week (January 8-12)
January 16 2024 11:40:37 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, stainless steel prices remained stable this week. As of January 12th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 12,750 RMB/ton, unchanged from the beginning of the week and a year-on-year decrease of 19.34%.
Analysis review
According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel ere mostly similar. Recently, nickel prices had rebounded, while stainless steel prices were relatively stable.
This week, the total stainless steel inventory was 83.74 tons, an increase of 1.57% compared to last week. Among them, the cold rolled inventory decreased and the hot rolled inventory increased.
The stainless steel market is expected to improve after the holiday. Downstream, there was a high enthusiasm for stocking up for the Spring Festival, and some specifications in the spot market were out of stock. There were no low-priced hot rolled products for sale, maintaining an atmosphere of easy to rise but difficult to fall. After the steel mills reduced production in December, there was a tendency to be reluctant to sell, and the continuous decline in social inventory exceeded expectations, supporting market confidence. The production schedule of steel mills in January was still decreasing month on month, but it deviated from the previous large-scale procurement of raw materials. From a profit analysis, it is possible that the actual production may be higher than the scheduled production. Some short positions took profits before the holiday, partly due to strong spot prices and expectations, and partly due to the need for funds to be withdrawn. However, as the seasonal accumulation stage approached, the upward price elasticity was insufficient.
Market outlook
It is expected that the price of stainless steel will fluctuate slightly before the Spring Festival.
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