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SunSirs: Stainless Steel Was Mainly Weak and Stable This Week (July 4-8)
July 11 2022 09:50:43SunSirs(John)

Price trend

According to the price monitoring of SunSirs, stainless steel is mainly weak and stable this week. As of July 8, the daily average price of spot 304/2B stainless steel flat plate 1.0*1219*2438 (tolerance 0.91) was 16,223.75 RMB/ton, down 0.35% from the price of 16,280 RMB/ton at the beginning of the week and up 3.18% year-on-year.

Analysis review

According to the monitoring data of SunSirs, both spot stainless steel and nickel prices have fallen recently, but nickel has fallen more sharply.

This week, Wuxi Dongfang Steel City was under the control of prevention and control. The market was opened in an orderly manner according to the plan for resumption of work in different regions. Office employees were all working from home, and business people were taking orders at home as usual. The overall impact on circulation was not significant, but it also increased the difficulty of stocking a lot, which may provide some support for the short-term market.

The short-term supply and demand of stainless steel are both weak. The loss of steel mills has led to a decline in production. While the price continues to decline, consumption is weak, and the overall supply and demand performance is poor. However, social inventories have fallen for six consecutive weeks amid the continuous price decline, and have now fallen to the midstream level. Moreover, under the current price, almost all stainless steel plants and domestic ferronickel plants are in a state of loss, and it is difficult for the mines to continue to make profits-cutting. The short-term price has fallen to the support level of the industry cost, and the lower part will gradually obtain support from the industry supply and demand, so it is not advisable to be too pessimistic.

Market outlook

It is expected that stainless steel will fluctuate within a narrow range in the short term.

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