SunSirs: The Peak Season Effect Faded, and the Price of Stainless Steel Weakened (October 31-November 4)
November 07 2022 13:49:20 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, the stainless steel fell slightly this week. As of November 4, the daily average price of spot 304/2B stainless steel flat plates 1.0 * 1,219 * 2,438 (tolerance 0.91) was 17,325 RMB/ton, down 1.49% from the price of 17,587.5 RMB/ton at the beginning of the week and down 16.44% year on year.
According to the price difference analysis tool of SunSirs, the price of nickel and stainless steel has deviated recently, with nickel rising slightly and stainless steel falling.
Analysis review
This week's stainless steel inventory totaled 664,800 tons, down 0.46% from last week. Among them, the cold rolled inventory declined and the hot rolled inventory rose.
In terms of supply and demand, the output of stainless steel increased in October, the accumulation of stocks that the market worried about had not occurred yet, and the supply side of raw materials disturbed the cost support. However, the demand side was mainly due to the increased circulation among traders. The terminal demand of Golden September Silver October was generally poor, the domestic PMI was weak, and the pace of repair was disturbed by the epidemic. The import and export data of stainless steel were weak.
Market outlook
To sum up, the demand effect of the golden September and silver October peak season has faded, and the overall demand for stainless steel is weak in the traditional slack season. Before, the problem of raw material shortage of stainless steel had been fermented for a round, and then the raw materials should be gradually supplemented, and then the shortage of raw materials may be gradually alleviated. It is expected that stainless steel will maintain a weak trend of shock in the future.
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