SunSirs: On September 13th, the Price of Stainless Steel Slightly Decreased
September 14 2023 10:32:13 SunSirs (John)
Price trend
According to price monitoring by SunSirs, on the 13th, the average market price of stainless steel was 15,475 RMB/ton, a decrease of 1.28% compared to the previous trading day.
Analysis review
Due to the rise of the US dollar, the price of upstream nickel had significantly decreased. Driven by the decline in nickel prices, the price of stainless steel had also slightly decreased. Under peak season expectations, stainless steel scheduled production remained high in September, and the demand in later September was yet to be verified. If it falls short of expectations, there is a high risk of a mid-term decline in stainless steel production. As of September 13th, the disturbance at the mining end was combined with high stainless steel scheduled production, making nickel iron prices easy to rise but difficult to fall, and also raising stainless steel cost support.
Market outlook
The price of stainless steel may fluctuate stronger in the short term.
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