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SunSirs: Stainless Steel Prices Remained Stable This Week (January 29-February 2)

February 05 2024 11:58:20     SunSirs (John)

Price trend

According to the price monitoring of SunSirs, the price of stainless steel remained unchanged this week. As of February 2nd, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1219 * 2438 (with a tolerance of 0.91) was 13,142.86 RMB/ton, a year-on-year decrease of 16.97%.

According to the price difference analysis tool of SunSirs, the price trends of nickel and stainless steel were mostly similar. Recently, nickel prices had fallen, while stainless steel prices had remained stable.

Analysis review

This week, the total inventory of stainless steel was 91.77 tons, an increase of 8.09% compared to last week, with both cold and hot rolled inventories rising.

The steel mills had not received many goods, and the overall pressure on spot resources was not high as of February 2nd. The production of steel mills in December was relatively high. Recently, steel mills had purchased a large amount of nickel iron, and coupled with the recovery of steel mill profits, the production reduction in January may not be as expected. The demand in December was good, and low prices stimulated the replenishment of essential inventory.

As of February 2nd, the demand was gradually entering the off-season, downstream holidays were approaching, and traders were gradually leaving. Stainless steel had price but without market as of February 2nd.

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