SunSirs: Stainless Steel Fell Weakly This Week (July 11-15)
July 18 2022 10:15:08 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, stainless steel was mainly weak and stable this week. As of July 15, the daily average price of spot 304/2B stainless steel flat plate 1.0*1219*2438 (tolerance 0.91) was 16,167.5 RMB/ton, down 0.35% from the price of 16,223.75 RMB/ton at the beginning of the week and down 1.59% year-on-year.
Analysis review
According to the spread analysis tool of SunSirs, the prices of spot stainless steel and nickel have fallen recently, but nickel has fallen more sharply, and the price of stainless steel was relatively firm.
Steel mills have continued to cut production significantly recently, high inventory needed to be digested urgently, and demand performance was relatively poor. There was no growth in demand, and it was difficult to ship the spot resources. The main purpose of the market is to ship goods, and merchants adopted various means of discounting profits. From time to time, new low prices appeared, but the volume level was still not large. However, arrivals were still increasing, and resources were constantly being replenished. Under the pressure of inventory, the spot price fell, which was still the main reason for the price of stainless steel. Although the price of stainless steel was still falling, the loss of steel mills was still continuing, and the situation of production reduction and maintenance had not changed, but the price of raw nickel ferronickel had rebounded, and the cost support had recovered.
Market outlook
It is expected that stainless steel will be dominated by weak shocks in the short term.
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