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SunSirs: Boosted by News of Guangxi Production Restriction, Stainless Steel Rose Slightly
September 01 2021 13:40:32SunSirs(John)

Price trend

According to the price monitoring of SunSirs, on the 31st, the stainless steel 2110 contract rose sharply by 3.88% to 18,455 RMB/ton, but the stainless steel spot price only rose slightly, and the price was 18,900 RMB/ton.

Analysis review

Guangxi imposed production restrictions on six local stainless steel companies. In September, the production schedule was reduced by 20%, which boosted the price of stainless steel. However, the export of stainless steel is still weak. In July, the export volume of stainless steel was about 410,100 tons, a decrease of 15.79% from the previous month. Domestically, stainless steel presents a situation where there is price without market, and the downstream receiving is deserted, and the fear of high prices is heavier.

Market outlook

Boosted by the news of Guangxi's production restriction, stainless steel futures prices rose sharply, but domestic and foreign demand for stainless steel was weak, and the momentum for stainless steel spot prices to rise was insufficient. The peak season is approaching, and the demand may improve, and the price of stainless steel is expected to remain stable and strong.

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