SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (August 5-9)
August 12 2024 15:34:41
Price trend
According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of August 9th, the daily average price of spot 304/2B stainless steel flat plate 1.0 * 1219 * 2438 (tolerance 0.91) was quoted at 12,800 RMB/ton, a decrease of 0.72% from the beginning of the week and a year-on-year decrease of 7.29%.
According to the price difference analysis tool of SunSirs, the prices of nickel and stainless steel were similar. The price of stainless steel had remained relatively stable, with a slight downward trend in recent times.
Analysis review
This week's stainless steel inventory totaled 108.99 tons, an increase of 2.3% compared to last week, with both cold and hot rolled inventory rising.
From the supply side, in July 2024, the crude steel production of domestic stainless steel plants was 3.2036 million tons, a month on month decrease of 85,100 tons, a decrease of 2.59%, and a year-on-year increase of 0.23%. Among them, the 300 series had 1.58435 million tons, a month on month decrease of 68,800 tons, a decrease of 4.16%, and a year-on-year decrease of 6.72%. The production forecast for August is 3.3256 million tons, with a month on month increase of 3.81% and a year-on-year increase of 2.16%. Among them, the 300 series has a production of 1.6945 million tons, with a month on month increase of 6.95%. The pace of capacity reduction has slowed down in August.
From January to June 2024, the total import volume of stainless steel in China was 1.1078 million tons, an increase of 265,000 tons or 31.44% year-on-year. The total export volume of stainless steel was 2.3648 million tons, an increase of 325,900 tons year-on-year, with a growth rate of 15.99%.
On the demand side, due to high temperature factors, downstream consumers entered a low season of consumption, and demand remained weak.
Market outlook
Overall, the rainy season in Indonesia and the Philippines had hindered nickel ore supply, resulting in tight nickel iron supply and support for stainless steel prices. Stainless steel factories had high expectations for the peak season of ‘gold September and silver October’, but the pressure of supply and demand restricted the upward space of prices. In the short term, stainless steel prices may experience narrow fluctuations.
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