According to the price monitoring of SunSirs, the price of stainless steel fell slightly on the 23rd, and the spot price was 19,133.33 RMB/ton, down 0.69% from the previous trading day and up 17.92% year-on-year.
Analysis review
Since the Spring Festival, stainless steel has continued to strengthen. Recently, the performance of stainless steel futures has been poor, and the market sentiment has declined. Last week, the social inventory of 300 series cold rolled sheet in both Foshan and Wuxi increased, and stainless steel was under pressure. Moreover, there are many new stainless steel production capacity this year. Due to the rapid increase in stainless steel prices in the early stage, the downstream acceptance was weak, and most of them were in the inquiry stage. With the end of the Winter Olympics, downstream demand gradually opened up. The Wuxi market has recently been affected by the epidemic, and merchants have more flexible prices.
Market outlook
It is expected that the price of stainless steel will stabilize mainly with small adjustment.
