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SunSirs: On August 8, the Spot Price of Stainless Steel Dropped Slightly
August 09 2022 09:01:36SunSirs(John)

Price trend

According to the price monitoring of SunSirs, on the 8th, the spot price of 304, 2.0 four-foot rolls was 16,510 RMB/ton, down 0.78% from the previous trading day and down 17.72% year-on-year.

Analysis review

304 big cold rolling mills lowered their prices, and there are low-price shipments in the market. Zhangpu offered 17,500 RMB/ton, TISCO offered around 17,300 RMB/ton, JISCO’s mainstream market price was 17,200 RMB/ton, and Lianzhong’s mainstream price was around 15,950 RMB/ton.

On the raw material side, the decline of ferronickel was temporarily stable, the production of ferrochromium was reduced due to the inversion of cost, and the spot price of pure nickel dropped sharply.

The stainless steel production schedule in July fell to 2.5 million tons, a year-on-year decrease of 400,000 tons. The current reduction of stainless steel has caused the continuous destocking of stocks, which may mean that the fundamentals of stainless steel have been well repaired. It is difficult to meet the market demand with the current low output of stainless steel, and there is the possibility of continuing to increase prices and production in the later period. Market demand performance was still poor.

Market outlook

The price of raw materials dropped and the demand was poor, but the stainless steel production plan was still low, which supported the price of stainless steel. The stainless steel production schedule may increase slightly in August, and the price of stainless steel is expected to be weak.

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