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  《中国冶金报》(2024年04月18日 03版三版)

Stainless steel market

Or it may present a situation of dual increase in supply and demand

In terms of raw material costs, the underestimation of nickel prices has been repaired, and the cost of stainless steel raw materials has increased, including the corresponding increase in the price of stainless steel waste. The rebound in nickel prices is partly due to the significant improvement in domestic macroeconomic data, with both the China Manufacturing Purchasing Managers Index and the China Composite PMI Output Index rebounding beyond expectations; On the other hand, there is strong technical support for the rebound of nickel prices themselves. At the current price, the profit situation of nickel iron plants has improved, and the cost side has a strong support effect on the price of stainless steel.

On the supply side, due to the expected oversupply of resources, some steel mills have reduced production or planned to reduce production, resulting in a narrowing of inventory growth. In terms of demand, after the Qingming Festival, there is a certain demand for replenishment in the downstream of the spot nickel market. Currently, the circulation of nickel beans in the market is gradually scarce, and the supply of nickel resources is insufficient, resulting in the current nickel price maintaining an upward trend. But under the temptation of steel mills and market profits, the situation of double increase in stainless steel supply and demand will soon come.

Currently, the overall macroeconomic situation is improving, the domestic economy is maintaining resilience, and the manufacturing PMI is returning to the expansion range. There is an expectation of stable growth policies being introduced in the market. At the same time, nickel prices are operating strongly, and steel mills are balancing supply and demand by reducing production. Demand has been released, transaction trends have strengthened, market sentiment is stable, industry confidence is boosted, and manufacturers and merchants continue to have a high price adjustment sentiment. It is expected that the overall price of stainless steel futures will continue to fluctuate and rise in mid to late April.

China Metallurgical Daily 

(April 18, 2024, 3rd edition, 3rd edition)