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SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (May 13-17)
May 22 2024 11:32:15SunSirs(John)

Price trend

According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of May 17th, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,074.29 RMB/ton, a decrease of 0.54% from the beginning of the week and a year-on-year decrease of 7.6%.

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 110.97 tons, an increase of 0.17% compared to last week. Among them, the cold rolled inventory decreased and the hot rolled inventory increased.

The approval of upstream nickel and Indonesian nickel mines had been delayed, and the rainy season in the main mining area of the Philippines had ended. However, shipping costs had increased, and the quotation for high-quality nickel mines had increased, resulting in strong nickel prices. The cost of stainless steel raw materials supported, and it is expected that steel mills will produce 373.03 tons in May, an increase of 4.65% compared to the previous month. The demand in May was good, but due to the high temperature during the peak season and the policy of exchanging old for new, the total output of the three major white power plants increased, but it is difficult to increase production in the future. The production schedule of the steel plant in May was extremely sufficient, and the downstream terminal demand could not keep up with the supply, and the supply-demand contradiction still existed.

Market outlook

It is expected that the price of stainless steel will fluctuate with the price of nickel.

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