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SunSirs: Stainless Steel Prices Slightly Decreased This Week (October 16-20)
October 24 2023 15:19:50SunSirs(John)

Price trend

According to the price monitoring of SunSirs, stainless steel slightly declined this week. As of October 20th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,571.43 RMB/ton, a decrease of 1.09% from 13,721.43 RMB/ton at the beginning of the week and a year-on-year decrease of 15.96%.

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

Analysis review

This week's total stainless steel inventory was 107.5 tons, a decrease of 4.67% 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. The stainless steel inventory had decreased due to limited arrival and increased price reduction and pickup. Under the continuous decline in prices, while the raw material side was relatively strong, stainless steel losses had intensified, and the expectation of stainless steel production reduction had increased. After the recent inventory reduction, attention should be paid to continuity. If the production reduction is achieved and the inventory reduction continues, then the cost support below may still be effective.

The social inventory had been going out for two consecutive weeks, and downstream demand and consumption were beginning to show signs of improvement. In addition, the inventory level of downstream enterprises was not high, and the increase in demand coupled with the news of steel mills reducing production may stimulate the pace of downstream inventory preparation and accelerate inventory consumption.

Market outlook

Pay attention to changes in inventory in the short term, and it is expected that stainless steel will fluctuate to be stronger in the short term.

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