SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (May 6-10)
May 13 2024 13:38:42 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of May 10th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,135.71 RMB/ton, a decrease of 0.27% from the beginning of the week and an 8% year-on-year decrease.
Analysis review
According to the price difference analysis tool of SunSirs, nickel and stainless steel prices were similar. The price of nickel affected the price of stainless steel.
This week, the total inventory of stainless steel was 110.78 tons, an increase of 2.6% compared to last week, with both cold and hot rolled inventories rising.
Nickel and stainless steel were also driven by market sentiment to fall from high levels. After the rise in stainless steel prices, the profits of steel mills improved, and the production of stainless steel 300 series increased by 0.3% month on month in April, maintaining a high level; But in recent weeks, stainless steel inventories have continued to decline, indirectly reflecting an improvement in domestic demand; The production of stainless steel exceeded expectations, and the price of raw material nickel iron also rose to a high level. Previously, nickel and stainless steel prices were operating at high levels. Although stainless steel inventory has decreased, the overall inventory was still at a high level. The production schedule for the 300 series is expected to increase by 5% month on month in May.
Market outlook
If demand falls short of expectations and inventory continues to accumulate, stainless steel may face pressure and fall back. It is expected that stainless steel prices will fluctuate to be weaker, with a focus on nickel prices.
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