Stainless steel price is higher than in December,2023 And will until after Chinese Lunar New Year
Since January, due to the impact of macroeconomics, the overall performance of the futures market has been strong. As of January 19, the high point of the main stainless steel futures contract has risen to 14,235 yuan/ton, which is an increase of more than 700 yuan/ton from the low in December. The overall market performance is strong. , which formed a certain support for market confidence and spot prices, and spot prices were also relatively strong.
Although some companies have been on holiday since mid-January, steel mills have reduced production due to maintenance and supply has shrunk. Market pressure has been alleviated to a certain extent. There was no obvious inventory buildup in January, which has provided certain support for prices.
It can be seen from the figure that from 2023 to the beginning of 2024, the social inventory building speed has dropped significantly compared with the beginning of 2023. As of January 18, 2024, the total inventory of Wuxi stainless steel in 50 warehouses was 522,500 tons, a week-on-week decrease of 0.11%. The inventory of 200 series in Wuxi market is 54,200 tons, a week-on-week decrease of 2.52%. Among them, 200 series cold rolling decreased by 0.23% week on week, and 200 series hot rolling decreased by 9.68% week on week. Hot rolling even saw a slight decrease in volume, and the inventory pressure on the trade side was not great, which also provided certain support for prices.
In addition, according to market feedback, the recent arrival of Xinhai and Tsingshan has been normal, and the resources in transit are limited. There is currently a certain shortage of some spot specifications, and the market has a strong willingness to raise prices in the short term.
As of January 21, the mainstream price of Wuxi’s private 304 cold-rolled raw edge has reached 13,600-13,650 yuan/ton, and the mainstream price of private hot-rolled resources’ five-foot raw edge has reached 13,300-13,350 yuan/ton.
Summary: The market supply has decreased in January, there are few circulating resources on the trade side, and the futures market is strong. The market has a strong willingness to support prices. It is expected that short-term price fluctuations will be strong. We will continue to pay attention to the delivery situation of the steel plant and the maintenance situation in February.
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