SunSirs: The Price of Stainless Steel Rose Due to Production Reduction and Logistics Recovery
December 07 2022 09:41:14 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, on the 6th, the average price of stainless steel market was 17,250 RMB/ton, up 0.95% from the previous trading day and down 1.62% year on year.
Analysis review
On the 5th, the price of raw material nickel rose, the price of stainless steel followed the rise affected by this. Because of the gradual recovery of logistics and transportation, the arrival of goods in the market was normal, the market had boosted the market transaction, the inventory digestion accelerated, and the stainless steel price was supported.
In November, the output of 300 series crude steel of 40 domestic stainless steel plants was 1.6636 million tons, an increase of 0.8% month on month and 13.6% year on year. Recently, many steel mills announced production reduction, which was expected to affect the output of 115,000 tons of 300 series. Recently, many steel mills announced production reduction, which was expected to affect the output of 115,000 tons of 300 series. In November, Indonesia's crude stainless steel production schedule was expected to be 420,000 tons, an increase of 0.7% month on month and a decrease of 2.3% year on year. The market also heard that a large Indonesian steel company had reduced production.
Market outlook
To sum up, many steel mills announced production reduction, coupled with the gradual recovery of logistics and transportation, and some businesses prepared goods before the year, which boosted demand to a certain extent. It is expected that the stainless steel will shock to be strong in the short term.
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