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SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (March 4-8)
March 11 2024 12:09:01SunSirs(John)

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of March 8th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 12,971.43 RMB/ton, a decrease of 0.87% from the beginning of the week and a year-on-year decrease of 15.1%.

Analysis review

According to the price difference analysis tool of SunSirs, the prices of nickel and stainless steel were similar, with a recent decline followed by an increase.

This week's stainless steel inventory totaled 123.1 tons, an increase of 5.04% compared to last week, with both cold rolled and hot rolled inventories showing an increase.

This week, stainless steel inventories rebounded, downstream demand recovered slowly, and market transactions were light. Steel mills had abundant profits, with a significant increase in stainless steel production in March, but the market was facing the risk of stockpiling. The high level of nickel iron supported the cost of stainless steel, and after the easing of supply in April, the price of stainless steel may fall.

Market outlook

Recently, boosted by macro factors, the price of stainless steel may remain relatively strong.

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