Price trend

According to the price monitoring by SunSirs, the price of stainless steel continued to decline slightly this week. As of March 17, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (tolerance: 0.91) was 14,900 RMB/ton, down 1.6% from the price of 15,142.86 RMB/ton at the beginning of the week, and down 18.798% year-on-year.

According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel were basically consistent, and both stainless steel and nickel prices had been falling continuously recently.

Analysis review

This week's stainless steel inventory totaled 1.352 million tons, up 0.14% from last week, with cold rolled inventory falling and hot rolled inventory rising.

On the supply side, in February 2023, the output of 300 series crude steel from 41 domestic stainless steel plants with new caliber was 1.4831 million tons, an increase of 8.6% month on month and 15.4% year on year; In March, the scheduled production of 300 series crude steel was 1.5749 million tons, with a month-on-month increase of 6.2% and a year-on-year increase of 2.8%.However, recently, the hot rolled coil continued to suffer losses, and several steel mills had repeatedly reported stopping production for maintenance.

On the demand side, after the steel price fell, the warehouse receipt resources digested quickly, but the overall demand was weak, and the transmission of trade links to the terminal was not smooth.

Market outlook

The domestic economy had recovered marginally, and terminal consumption recovered slightly. It is expected that stainless steel will remain vulnerable in the short term.

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