Stainless steel: The spot price of 304 stainless steel fluctuated last week. According to SMM research, the national average price of 304 cold-rolled coils on the morning of September 7 was 15,650 yuan/ton, an increase of about 80 yuan/ton from last week. Last week, the overall supply of stainless steel supply side tightened, and last week, some steel mills in East China controlled the distribution volume, and both hot and cold rolling were distributed at discounts. The arrival volume of spot goods during the week was low. However, due to the overall large arrival of goods last week and average transactions, and the closure of some agents in East China this week , social inventory is difficult to digest, and the overall inventory is in a state of accumulation; on the demand side, stainless steel spot transactions last week were relatively average, and demand transmission to terminals was relatively slow. Entering the traditional peak season of September, demand has not been reflected, and steel mills have raised prices by limiting prices last week. Obviously, the demand for stainless steel is weak, the difference between hot and cold prices is widening, and cold-rolled stocks are accumulated, while hot-rolled social stocks are well digested. The spot price of stainless steel is supported by costs and the steel mills are raising prices. However, based on the weak reality, the price fluctuates at a high level, and the futures return to fundamentals and plunge, prices are expected to remain fluctuating this week, and attention will be paid to subsequent terminal demand growth.
Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn
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