SunSirs: Stainless Steel Saw a Slight Increase This Week (December 18-22)
December 26 2023 14:18:34 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, stainless steel had slightly increased this week. As of December 22nd, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 12,728.57 RMB/ton, an increase of 0.85% from the beginning of the week's 12,621.43 RMB/ton, and a year-on-year decrease of 18.96%.
According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel were mostly similar, with stainless steel prices relatively firm compared to nickel.
Analysis review
This week, the total stainless steel inventory was 85.21 tons, a decrease of 2.23% compared to last week. Among them, the cold rolled inventory increased and the hot rolled inventory decreased.
In December, which is a traditional off-season in the stainless steel market, terminal demand had declined, and with the recovery of steel mill production, the overall situation of oversupply in the industrial chain had not changed from a fundamental perspective. However, in the short term, social inventory was at a low level, and the inventory pressure on traders had been alleviated. Coupled with the stabilization of raw material prices and the strengthening of cost support, the downward space for spot prices was limited, and the market had a strong attitude of price support. Traders were mostly optimistic about the future market situation. There was no significant decrease in production scheduling of steel mills in December, but as the year-end approached, demand had weakened. Further attention should be paid to the release of steel mill inventory.
Market outlook
It is expected that stainless steel will experience a volatile trend at low levels in the short term.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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