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SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (March 11-15)
March 19 2024 14:19:26SunSirs(John)

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of March 15th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 12,788.57 RMB/ton, a decrease of 0.94% from the beginning of the week and a year-on-year decrease of 14.99%.

Analysis review

According to the price difference analysis tool of SunSirs, nickel and stainless steel prices were similar. The price of nickel affected the price of stainless steel.

This week, the total stainless steel inventory was 122.94 tons, a decrease of 0.01% compared to last week. Among them, the cold rolling inventory decreased and the hot rolling inventory decreased.

The approval process for Indonesian nickel RKAB was temporarily slow and is expected to be completed by the end of March. The Indonesian RKAB audit was progressing smoothly, and the sales quota had increased to 130 million wet tons. The end of the rainy season in the Philippines is expected to increase the supply of raw materials. However, downstream work slowly resumed after the holiday, and demand recovery was not ideal, with seasonal accumulation of inventory and a sharp increase in warehouse receipts. The terminal demand was still not ideal, and some manufacturers were offering price reductions and promotions. The traditional peak season expectation was fading, the market was offering discounts and promotions, and the willingness to hoard goods was not strong.

Market outlook

In the future, attention should be paid to policy trends and nickel ore supply after the two sessions. If nickel ore supply is alleviated, stainless steel prices may further decline.

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