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SunSirs: Stainless steel fell 3.42% weakly this week (3.16-3.20)
March 23 2020 14:52:00SunSirs( Molly)

According to SunSirs price monitoring, as of the weekend, the average daily price of spot 304/2B stainless steel flat plate 1.0 * 1219 * 2438 (tolerance 0.91) is currently quoted at 11,750 yuan/ton, down 3.42% from the 12,166 yuan/ton at the beginning of the week, and down 13.83 year-on-year %.

The stainless steel market continued to fall this week. Due to the multiple meltdowns of U.S. stocks, the upstream nickel price fell sharply to around 92,000 yuan/ton, which rebounded on Friday. Downstream automotive industry performance is sluggish, and expectations are not optimistic, making cold-rolled dealers bearish on demand for a long time, suppressing the long-term weak market sentiment. The destocking in the market is not ideal, and some of the more pressured merchants have lowered cash to ease the pressure on funds.

In summary, the biggest problem at present is the pressure on the market inventory, the contradiction between supply and demand, and the inventory needs a certain consumption cycle. In the case that market demand has not been fully started but steel mills have not actively reduced their output, it is expected that this round of inventory consumption will continue for a longer period. SunSirs’ analysts believe that stainless steel will continue to be dominated by weak shocks in the short term.

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