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SunSirs: Stainless Steel Prices Fell Weakly in July
August 01 2022 10:39:54SunSirs(John)

Price trend

According to the price monitoring of SunSirs, the price of stainless steel fell weakly in July. The price of stainless steel at the beginning of the month was 16,311.25 RMB/ton, and the price of stainless steel fell to 15,392.5 RMB/ton at the end of the month, with an overall decrease of 5.63% and a year-on-year decrease of 14.26%.

According to the data of SunSirs, in July, the upstream nickel price fluctuated widely, while the stainless steel spot price showed a slight downward trend.

Analysis review

According to the data of SunSirs, the upstream of stainless steel has fallen except for nickel. Iron ore fell as much as stainless steel, and scrap fell even more sharply. Upstream nickel, due to the support of new energy vehicle demand and macro impact, the price fluctuated widely mainly.

In the first half of July, the spot price of stainless steel was relatively stable as a whole. Although the upstream nickel price fell sharply at this time, the spot price of stainless steel remained strong due to the high early cost of stainless steel. In the second half of the month, the resources of steel mills arrived one after another, and the inventory increased. However, downstream demand was still weak, and most of them purchased just on demand. Near the end of the month, the price of stainless steel continued to drop slightly.

Market overview and Market outlook

To sum up: In July, steel mills continued to significantly reduce production, and the reduction in production supported stainless steel prices. Stainless steel stocks were relatively high and needed to be digested urgently. In the off-season of traditional consumption, downstream demand has not increased significantly, and inquiries and transactions have been sluggish, and Tsingshan's price adjustment has fallen again, which also affects the market sentiment to a certain extent. Spot prices did not see a deep drop as traders' inventories were not high. In August, it is expected that steel mills will still reduce production and repairs, which will support the price of stainless steel, and it is difficult for the demand to increase significantly. In August, the price of stainless steel is still volatile and weak.

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