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SunSirs: Stainless Steel Edged Lower This Week (May 16-20)
May 23 2022 15:40:00SunSirs(John)

Price trend

According to the price monitoring of SunSirs, stainless steel fell slightly this week. As of May 20, the daily average price of spot 304/2B stainless steel flat 1.0*1219*2438 (tolerance 0.91) was 17,823.33 RMB/ton, compared with the price of 18,713.33 RMB/ton at the beginning of the week, fell 1.93% and it was up 15.8% year-on-year.

Analysis review

According to the price difference analysis tool of SunSirs, the price trend of spot stainless steel and nickel has diverged recently, the price of upstream nickel has risen, and the price of downstream stainless steel has fallen slightly.

Stainless steel inventories remained high this week. The total social inventories of stainless steel in the national mainstream market were 908,200 tons, up 0.95% week-on-week and up 13.16% year-on-year. The epidemic suppressed demand, and the absolute value of social inventories was high. Nickel prices rose, and stainless steel futures rebounded, but the spot response was weak, and some traders shipped at low prices. High inventory, low demand, coupled with the loose attitude of steel mills to support prices, the transaction was light, and the purchase was mainly based on just in need.

Market outlook

At present, the pattern of high cost, high inventory, low profit and low demand of stainless steel remains unchanged. It is expected that the spot price of stainless steel will still fluctuate weakly.

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