SunSirs: Stainless steel market starts gradually
February 28 2020 11:33:31 SunSirs (Molly)
According to SunSirs price monitoring, as of February 27, the average daily price of spot 304/2B stainless steel flat plate 1.0 * 1219 * 2438 (tolerance 0.91) was 12,958.33 yuan/ton (including tax), which was flat compared to the previous day and fell 6.29% year-on-year.
As of the 27th, the Wuxi stainless steel market has basically started construction, and there have been quotations. Recently, the market has again heard the voice of stainless steel mills to reduce production. On the one hand, due to the constraints of logistics and personnel, the output efficiency of enterprises is at a low level; on the other hand, due to the continuous normal production during the Spring Festival, and the impact of the epidemic, the current market terminal demand recovery is relatively slow. At present, the downstream has not fully resumed work, and demand has not kept up. Although processing appears to be "very busy", prices have been falling and there is demand for procurement.
To sum up: the downstream consumption of stainless steel is weak, and the inventory of stainless steel continues to accumulate. The 300-series stocks in Xifo continued to increase to a historical high of 561,500 tons, and the inventory pressure has further increased. In addition, with the recovery of logistics, downstream demand has not recovered. The supply of goods will be on the scene, making stainless steel prices under pressure. However, downstream consumer demand is more delayed than disappeared. After the epidemic is over, the release of consumer demand will be relatively concentrated. It is expected that before downstream demand is fully up, stainless steel will still be weak, but steel mills' production will be supported.
If you have any questions, please feel free to contact SunSirs with marketing@sunsirs.com.
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