Stainless Steel Prices Expected to be Stable This Week

Last week, the spot price of 304 was stable but weak. The main contract of stainless steel changed months during the week. The market continued to rebound last week and then fell back on Tuesday. The spot price of stainless steel stabilized this week. 316L continued to run weakly. The price fell, but it was lower than last week. It has slowed down. According to SMM, some 316L produced in East China may be produced on a mass basis, and supply will tighten in the future. The transaction volume this week is relatively average, but the overall arrival volume has decreased. Among the 300 series, 304 cold and hot rolled products have remained destocked. The downstream demand is sluggish, and the market sentiment is relatively pessimistic. The spot price of 304 is likely to fall, and the bargaining space is large. The transaction volume in Foshan is slightly weaker. , 2,4 series social inventory is slightly exhausted. On the raw material side, due to the recent news of steel mills cutting production due to profit losses of stainless steel mills, purchasing willingness is low, the upstream price of high-grade NPI has often made concessions, and the cost support of stainless steel has weakened; in terms of ferromolybdenum, due to the weakening demand from steel mills, ferromolybdenum has been declining all the way. It rose back to 210,000 on Thursday, and the price of 316L may remain stable as the price of ferromolybdenum bottoms out. The current market is mostly waiting to see the actual production in October and subsequent years. In summary, stainless steel prices are expected to be stable this week, and we will continue to pay attention to the actual production reductions of stainless steel plants.

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