SunSirs: Both Supply and Demand Were Weak, Stainless Steel Prices Fluctuated within a Narrow Range
October 12 2021 13:26:25 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, on the 11th, the stainless steel futures price dropped slightly. The spot price of stainless steel deviated from the futures price, rose slightly. The quoted price was 21,933.33 RMB/ton, a slight increase of 1.23% from the previous trading day.
Analysis review
Domestic production restrictions are still continuing. At present, the increase in stainless steel production capacity in Indonesia cannot compensate for the decrease in stainless steel production globally, but the decline in stainless steel demand makes the price of stainless steel unable to maintain a long-term strong. The depot of stainless steel in the peak season of September is far less than expected, indicating that the impact of production restrictions on the demand for stainless steel is less than the supply of stainless steel, and the support for stainless steel is still strong.
Market outlook
It is expected that stainless steel will mainly fluctuate at a high level in the short term.
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