Bearish Factors Converge as Stainless Steel Scrap Weakens, Cost Advantages Stabilize Price Floor [SMM Stainless Steel Scrap Market Weekly Review]
This week, prices of 304 stainless steel scrap off-cuts in east China pulled back, with a quotation range of 10,400-10,500 yuan/mt. Off-cuts of the same specification in Foshan weakened, with a price range of 10,150-10,450 yuan/mt. From a raw material production cost analysis, the cost of producing stainless steel entirely from stainless steel scrap was approximately 14,580.48 yuan/mt, while the cost of production entirely using high-grade NPI reached 15,125.2 yuan/mt.
Stainless steel scrap prices fell and pulled back this week. The stainless steel finished product spot market was overall in the doldrums, with spot prices continuously under pressure. Meanwhile, steel mills continued to push for lower prices on the alternative raw material high-grade NPI, creating an overall bearish atmosphere on the raw material side. Combined with major steel mills lowering their molten steel quotations during the week, multiple bearish factors converged to drive stainless steel scrap prices further down. The supporting factors cushioning the decline in stainless steel scrap were clearly visible: positive news emerged in the market this week that issues related to reverse invoicing and tight tax invoices might be eased, with industry transaction pain points expected to be alleviated. Steel mills' purchase demand for stainless steel scrap is expected to increase going forward. At the same time, stainless steel scrap continued to maintain favorable cost advantages over high-grade NPI. Coupled with the fact that steel mills still had profit margins on the production side, production and procurement enthusiasm was sustained, and overall rigid demand remained robust, continuously providing floor support for stainless steel scrap prices. Overall, the stainless steel scrap market this week exhibited a pattern of "weakening spot prices, cost-supported floor, and expectations of recovery...
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