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SunSirs: Stainless Steel Prices Ran Weakly and Steadily This Week (August 8-12)
August 15 2022 09:14:35SunSirs(John)

Price trend

According to the price monitoring of SunSirs, stainless steel was mainly adjusted slightly this week. As of August 12, the daily average price of spot 304/2B stainless steel flat plate 1.0*1219*2438 (tolerance 0.91) was 15,023.75 RMB/ton, down 1.39% from 15,236.25 RMB/ton at the beginning of the week and down 15.31% year-on-year.

Analysis review

According to the spread analysis tool of SunSirs, the spot price of nickel has rebounded slightly recently, and the price of stainless steel has been running weakly and steadily.

This week, stainless steel inventories totaled 853,500 tons, down 2.9% from last week, of which cold-rolled inventories fell slightly. Upstream nickel prices rebounded slightly this week. On the supply side, stainless steel mills continued to cut production in August, and the market maintained a low inventory state. The signs of improvement on the demand side were not obvious, and the overall production reduction effect of stainless steel plants was not as good as expected. Some steel plants were even increasing their production of 300 series stainless steel. Therefore, merchants were very cautious in purchasing. In terms of inventories, although stainless steel inventories decreased week-on-week, their absolute inventories were still high, especially cold-rolled stainless steel inventories had risen instead of falling.

Market outlook

It is expected that stainless steel will fluctuate in a narrow range in the short term.

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