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SunSirs: Stainless Steel Slightly Declined This Week (October 30-November 3)
November 06 2023 14:26:09SunSirs(John)

Price trend

According to the price monitoring of SunSirs, stainless steel has slightly declined this week. As of November 3rd, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,442.86 RMB/ton, a decrease of 0.74% from 13,542.86 RMB/ton at the beginning of the week and a year-on-year decrease of 14.13%.

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 105.25 tons, a decrease of 2.19% compared to last week, with both cold rolled and hot rolled inventories showing a slight decline.

Supply and demand side: Steel mills suffered severe losses, with some mills continuing to reduce production in November, and stainless steel production showing a decreasing trend compared to the previous month. Steel mills lacked enthusiasm for production. The domestic real estate market's October data was still weak, and overseas demand for stainless steel remained weak. Moreover, the implementation of stainless steel anti-dumping policies by multiple countries had also had a restraining effect on stainless steel exports.

Market outlook

The price of raw material nickel has continued to decline, downstream demand is weak, steel mills are reducing production, inventory is decreasing, supporting the price of stainless steel. It is expected that stainless steel will face a dilemma of short-term rise and fall, and the trend will be mainly stable with minor adjustments.

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