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SunSirs: Stainless Steel Prices Rose Slightly This Week (September 12-16)
September 19 2022 10:10:45SunSirs(John)

Price trend

According to the price monitoring of SunSirs, stainless steel rose slightly this week. As of September 16, the daily average price of spot 304/2B stainless steel flat plate 1.0*1219*2438 (tolerance 0.91) was 17,575 RMB/ton, up 4.46% from 16,825 RMB/ton at the beginning of the week and down 12.85% year-on-year.

According to the spread analysis tool of the business community, nickel prices rose first and then fell recently, while stainless steel prices were relatively firm.

Analysis review

This week's stainless steel inventory totaled 714,000 tons, down 3.3% from last week. Among them, cold-rolled and hot-rolled inventories both fell slightly.

In terms of supply, 40 domestic mills initially scheduled production of 2.468 million tons of crude steel in September, which is expected to increase by 7.5% month-on-month. The return from Indonesia will also supplement the domestic supply. However, in the short term, due to multiple factors such as early production cuts, typhoons and steel mills' control of the rhythm of arrivals, market resources were still low.

In terms of demand, in the traditional peak season of "golden September, silver October", the demand is expected to improve, but the terminal has not seen obvious improvement. The reduction and shutdown of overseas stainless steel production may benefit exports. The early stage replenishment may come to an end, and the transaction gradually weakened during the week.

Market outlook

To sum up, there is no change in the supply side. As the traditional consumption peak season approaches, the stainless steel consumption in the future may improve to a certain extent. It is expected that stainless steel may have a strong shock trend in the short term.

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