SunSirs: Stainless Steel Prices Had Slightly Increased This Week (November 4-8)
November 11 2024 09:27:11 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, the price of stainless steel had slightly increased this week. As of November 8th, the daily average price of spot 304/2B stainless steel flat plate 1.0 * 1219 * 2438 (tolerance 0.91) was 12,742.86 RMB/ton, an increase of 0.45% from the beginning of the week and a decrease of 4.85% year-on-year.
According to the price difference analysis tool of SunSirs, the prices of nickel and stainless steel are basically similar and have recently rebounded slightly.
Analysis review
This week's stainless steel inventory totaled 98.2 tons, a decrease of 1.91% compared to last week, with both cold and hot rolled inventories falling.
From an upstream perspective, there have been rumors of further restrictions on nickel ore exports in Indonesia recently, aimed at attracting more foreign-funded enterprises to settle in Indonesia and process nickel products. The subsequent supply of nickel ore may be lower than expected, and the cost may increase, which will provide some support for nickel prices. Nickel iron manufacturers were raising prices to provide strong cost support for stainless steel.
From the perspective of supply and demand, the production of stainless steel crude steel in November was 3.296 million tons, an increase of 1% month on month. The traditional peak season of "Golden September and Silver October" had basically failed, and the improvement of demand for stainless steel by macro favorable policies such as real estate still needs time to wait.
Market outlook
In summary, the strong price of nickel iron and the depletion of social inventory provide support for the price of stainless steel, but maintaining high supply also brings pressure, and it is expected that the price range of stainless steel will mainly fluctuate.
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