SunSirs: Stainless Steel Prices Fluctuated This Week (May 20-24)
May 29 2024 10:57:43 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, stainless steel prices fell first and then rose this week. As of May 24th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,167.14 RMB/ton, unchanged from the beginning of the week and a year-on-year decrease of 3.89%.
Analysis review
According to the price difference analysis tool of SunSirs, nickel and stainless steel prices were similar. Recently, the price of stainless steel had been relatively firm compared to nickel.
This week, the total inventory of stainless steel was 106.86 tons, a decrease of 3.7% compared to last week, with both cold and hot rolled inventories falling.
In May, 43 domestic steel mills produced 3.3403 million tons, an increase of 3.7% month on month. The production capacity of steel mills was still in surplus, but as of May 24th, social inventory was at a moderate level, and the supply-demand contradiction was not particularly prominent. Recently, due to the disturbance of the macro environment and the industry chain itself, the price of stainless steel had fluctuated at a high level. From a fundamental perspective, the price of stainless steel raw materials was strong, and inventory was at a moderate level. Short term contradictions are not yet prominent, or they may fluctuate with macro sentiment. In the future, it is necessary to pay attention to the trend of raw material prices and changes in social inventory levels.
Market outlook
It is expected that the price of stainless steel will fluctuate in the short term.
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