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SunSirs: Stainless Steel Prices Had Slightly Increased This Week (January 15-19)
January 23 2024 09:49:03SunSirs(John)

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly increased this week. As of January 19th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 12,885.71 RMB/ton, an increase of 0.5% from the beginning of the week and a year-on-year decrease of 21.98%.

According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel were mostly similar, with a slight rebound in nickel and stainless steel prices recently.

Analysis review

This week, the total stainless steel inventory was 85.81 tons, an increase of 2.47% compared to last week. Among them, the cold rolled inventory increased and the hot rolled inventory decreased.

This week, driven by funds, stainless steel futures prices slightly increased, but spot market transactions were cautious. But after the rebound in stainless steel prices, steel mills might see an improvement in profits, and there was a possibility that their maintenance volume might not meet expectations. However, the demand for stainless steel continued to be weak, and there may be pressure to accumulate inventory in the future. The production of a steel plant in East China had rebounded, and the subsequent market arrivals had increased. The social inventory is expected to accumulate, and it is necessary to observe the downstream consumption and receipt situation.

Market outlook

Against the backdrop of overall cost reduction, it is expected that stainless steel may experience a slight pullback.

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