SunSirs: Raw Material Supply Problem Fermented, Stainless Steel Prices Rose in October
November 01 2022 14:26:08 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, the stainless steel price rose first and then fell in October. At the beginning of the month, the stainless steel price was 15,655.71 RMB/ton. At the end of the month, the stainless steel price rose to 16,005.71 RMB/ton, an overall increase of 2.24%, and a year-on-year decrease of 17.42%.
According to the data of SunSirs in October, the nickel price in the upstream fluctuated widely, while the trend of stainless steel in the downstream was relatively strong.
Analysis review
According to the monitoring data of SunSirs, the upstream of stainless steel all declined. For stainless steel, the price of stainless steel rose due to the unexpected arrival after the festival, the shortage of some specifications, and the fermentation of raw material supply problems. In terms of upstream ferrochrome, as the strike in South Africa had not yet ended, the shipment of ferrochrome and chromite ore had been blocked, and the expected supply reduction in the later period had supported the raw material price. In addition, Indonesia levies taxes on nickel downstream semi-finished products to increase the cost of raw materials. The joint meeting of large steel plants proposed to raise the price.
In October, the overall stainless steel inventory fell. As of the end of the month, the total stainless steel inventory was 667,000 tons.
Market outlook
To sum up: In October, the overall price of stainless steel was relatively firm, and the production schedule increased by 11.9% month on month. Because of the problem of raw material supply, the price rose. Although the price rose, the overall demand was limited. In November, the stainless steel production schedule continues to increase, entering the low demand season. It is expected that the stainless steel price in November will be weaker than that in October.
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