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SunSirs: Stainless Steel Fell First and Then Rose This Week (October 9-13)
October 16 2023 10:19:00SunSirs(John)

Price trend

According to the price monitoring of SunSirs, stainless steel first fell and then rose this week. As of October 13th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,692.86 RMB/ton, a decrease of 0.57% from 13,771.43 RMB/ton at the beginning of the week and a year-on-year decrease of 12.9%.

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 112.7 tons, a decrease of 3.9% compared to last week, with cold rolled and hot rolled inventory slightly decreasing.

Supply and demand side: In September, the production of 300 series crude steel from 43 domestic stainless steel factories reached 1.6915 million tons, a decrease of 3.3% month on month and a year-on-year increase of 20.1%; In October, the 300 series produced 1,609,500 tons, a decrease of 4.8% month on month and 2.5% year-on-year. In September, Indonesia's crude steel production reached 363,200 tons, a decrease of 8.1% month on month and 3.1% year-on-year; In October, the production was 363,000 tons, a decrease of 0.1% month on month and 11.9% year-on-year. Terminal demand was flat, valuations were low after the holiday, midstream and downstream bargained hunting purchases, and the market was recovering.

Market outlook

In October after the holiday, the scope of production reduction in steel mills had expanded, forcing raw material prices to decrease. However, the actual space for raw material price reduction was limited, and high inventory had turned a corner, forming support for stainless steel. In the future, it is necessary to track inventory changes. The silver October peak season is expected, and stainless steel is expected to fluctuate to be stronger in the short term..

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