SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (March 18-22)
March 27 2024 10:54:35 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of March 22, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1,219 * 2,438 (with a tolerance of 0.91) was 12,652.86 RMB/ton, a decrease of 1.23% from the beginning of the week and a year-on-year decrease of 14.13%.
Analysis review
According to the price difference analysis tool of SunSirs, nickel and stainless steel prices were similar. The price of nickel had affected the price of stainless steel, with a slight decline in recent times.
This week, the total inventory of stainless steel was 120.17 tons, a decrease of 2.25% compared to last week, with both cold rolled and hot rolled inventories falling.
As Indonesia's nickel mining policy gradually subsided and stainless steel prices fell, nickel iron prices had weakened from bullish to 1,000 RMB/nickel to 950-960 RMB/nickel. The downstream demand for stainless steel was poor, which would force the price of stainless steel to weaken. Steel mills would force nickel iron to fall in price to seek survival space, or steel mills would reduce production due to losses and seek nickel iron to fall in price from the demand side. As the rainy season in the Philippines gradually ended, it also provided space for nickel iron to gradually weaken from strength. From the perspective, the supply of high carbon ferrochrome was relatively loose compared to demand, but cost support was still strong. The bidding prices and market prices of steel mills in April are likely to remain stable.
Market outlook
It is expected that the price of stainless steel will fluctuate to be weaker in the short term.
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