Price trend
According to the price monitoring of SunSirs, on August 19, the spot market price of stainless steel reported 19,233.33 RMB/ton, down 1.54% from the previous day, up 33.1% from the beginning of the year, and up 31.29% year-on-year.
Analysis review
On the 19th, the price of stainless steel continued to weaken downward. Among them, the spot price of stainless steel was 19,233.33 RMB/ton, and the price of stainless steel 2109 contract was 17,625 RMB/ton.
The price of stainless steel continued to decline. On the one hand, it was dragged down by the upstream nickel price. The spot price of nickel fell by 1.54%, which affected the price of stainless steel; On the other hand, news of Guangxi’s cancellation of power rationing came out of the market, coupled with the current steel mills arriving one after another, the supply of goods has obviously been supplemented, and the tight supply of goods has been eased; Furthermore, it is still the traditional low season for demand, and the downstream is cautious in purchasing goods, and mainly purchases on demand.
Market outlook
The short-term upward momentum of stainless steel is insufficient, and it is expected that it will fluctuate in a range mainly.
