Price trend
According to the price monitoring of SunSirs, on the 20th, the price of stainless steel fell slightly. The spot price was reported at 17,100 RMB/ton, down 0.19% from the previous trading day, up 18.34% from the beginning of the year, and up 19.16% year-on-year.
Analysis review
Recently, the spot price of stainless steel fluctuates mainly at a low level. Steel mills jointly cut production to support prices, and futures and spot prices have weakly stabilized. The downstream just needed to purchase on dips, the market transaction atmosphere improved slightly, and inventories declined for three consecutive weeks.
The prices of high-nickel pig iron and high-carbon ferrochromium at the raw material end have dropped significantly, and there is a possibility of further price reductions. The cost of steel mills has dropped and profits have been repaired
Market outlook
Terminal demand has not seen any significant improvement, and it is expected that stainless steel will continue to fluctuate mainly at a low level in the short term.
