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SunSirs: Stainless Steel Prices Fell First and Then Rose This Week (September 11-15)
September 19 2023 13:42:15SunSirs(John)

Price trend

According to the price monitoring of SunSirs, stainless steel fell first and then rose this week. As of September 15th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,992.86 RMB/ton, a decrease of 0.91% from 14,121.43 RMB/ton at the beginning of the week and a year-on-year decrease of 11.55%.

According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel were mostly similar, with upstream nickel affecting the price of downstream stainless steel.

Analysis review

This week's total stainless steel inventory was 101.4 tons, a decrease of 1.8% compared to last week. Among them, cold rolled inventory slightly increased and hot rolled inventory slightly decreased.

Supply and demand side: The production of 300 series crude steel by the stainless steel factory reached 1.7498 million tons, an increase of 3.5% month on month and 34.2% year-on-year; In September, the production was 1.783 million tons, an increase of 1.9% month on month and 26.6% year-on-year. Indonesia's crude steel production in August was 415,000 tons, an increase of 48.2% month on month and a decrease of 0.2% year-on-year; In September, production was 400,000 tons, a decrease of 3.6% month on month and a year-on-year increase of 6.7%. The expectation for the golden September and silver October peak season in the market had weakened, and there was no significant increase in terminal demand. However, there will be a need to replenish inventory before the holiday.

The cost of stainless steel had risen, squeezing the profits of steel mills. However, high production schedules were still maintained in September, with only some manufacturers reducing production due to weather or maintenance, resulting in seasonal high inventory levels and accumulation of warehouse receipt resources. As the weekend approached, prices slightly rebounded on the news of the central bank's reduction in reserve requirements.

Market outlook

In the case of weak fundamentals, it is expected that the short-term trend of stainless steel will be mainly volatile.

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