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SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (April 8-12)
April 16 2024 14:17:20SunSirs(John)

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly increased this week. As of April 12th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 12,724.29 RMB/ton, an increase of 1.31% from the beginning of the week and a year-on-year decrease of 10.08%.

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 118.41 tons, an increase of 5.5% compared to last week. Among them, the cold rolled inventory increased and the hot rolled inventory decreased.

The steel plant resumed production in March and reduced production in April. In March, the production of 300 series crude steel from 43 domestic stainless steel plants reached 1.6643 million tons, an increase of 25.6% month on month and 14.0% year-on-year; In April, production was 1.602 million tons, a decrease of 3.7% month on month and a year-on-year increase of 12.6%. The recovery of demand was temporarily not ideal, with seasonal accumulation of inventory, a sharp increase in warehouse receipts, and a weak basis. The absolute price was in a low position, and the probability and space for a further decline from13,000 RMB/ton were limited. The strong non-ferrous metal market had boosted the market, but inventory pressure remained prominent.

Market outlook

As the weekend approached, nickel prices had slightly declined, and it is expected that stainless steel will open weakly next week, with weak fluctuations being the main focus in the short term.

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