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March 30, 2021 Stainless Steel Morning Post

Mar 30, 2021

Today's industry concerns

Steel mill prices continued to rise from February to last Saturday. Last Friday, the dual controlpolicy in Inner Mongolia was relaxed. In March, the price of high- and high-chromium chromium fell overcast, and the 400 series went from short supply to oversupply. Within the month, 430 cold rolled products fell 300- 400. Ulan Qab Citys electricity budget increased in April, and high chromium production may be restored to more than 500,000 tons. However, the guide price of Taiyuan Steel's cold-rolled rolling stock was suddenly lowered by RMB 350/ton yesterday, which may pave the way for steel recruitment.

Affected by a large amount of input from steel mills in the early stage and the great pressure on shipments, recent news of steel mills' conversions, blast furnace maintenance, and 201 production cuts have continued, mainly to stimulate downstream orders. 201 may be adjusted before the holiday.

The scrap market remained stable. The purchase price of 304 stainless steel from large steel mills was reported to be 10,400. They were purchased on-demand, and there were many bargaining prices. Due to the large-scale selling in the early stage, there were not many circulation sources, and the economy declined after the increase.

Recently, the guidance price of 304 steel mills has been stable, the market will not increase temporarily, and the market resources of Wuxi steel mills have increased, and shipments have been relatively smooth.

Stainless steel spot market

Recently, the pressure of intraday delivery has weakened, the market selling pressure is not great, low-cost resources are less, and the short holiday is approaching, the overall delivery is mainly stable. The spot quotations of stainless steel in the morning were stable.

The spot price of 304 hot-rolled private production area 4.0-8.0mm is flat to about 15,400 yuan/ton; the base price of 304 cold-rolled Delong and Beigang new material four-foot rough edge is flat to about 15,000 yuan/ton (converted to 2.0 cut 15500), and there are also reports. Flat to 15050 yuan / ton (converted to 2.0 cut 15550).

201 quotes are temporarily stable. The base price of J1 cold-rolled mainstream four-foot rough edges is reported at around 8,750 yuan/ton, the base price of J2 and J5 mainstream is reported at around 8,350 yuan/ton, and the five-foot hot rolled base price is around 8,500 yuan/ton.

Futures inventory

The performance of the external market was mixed overnight. The three major US stock indexes were mixed. The Dow rose 0.30%, the Nasdaq fell 0.60%, and the S&P 500 fell 0.08%; US crude oil futures rose 1.38%; nonferrous metals copper fell 0.79%, Nickel fell by US$215 to US$16,195/ton. Stainless steel futures 2105 contract rose 160 yuan to 14,610 yuan/ton in the evening.

At present, Lun Nickel still maintains a stalemate trend, and below is concerned about the support of the 16000 marks. In terms of stainless steel, from the perspective of raw materials, both ferronickel and ferrochrome have shown a downward trend recently, and the cost-side support has weakened. However, from the market perspective, the overall transaction has been good recently, the pressure on market inventory has eased, and the supply of goods is mostly concentrated in the hands of steel mills. , Selling pressure is not great. In addition, the current futures market continues to have deep discounts, and there are relatively few opportunities for short-term short delivery. The delivery pressure of near-month contracts is not strong, and there will be certain support for the market. It is expected that futures and spots will continue to fluctuate in the short term.

Raw material market

Yesterday, the high ferronickel market ran smoothly as a whole, and the factory offer was flat to RMB 1,115 per nickel. The rainy season in the Philippines is coming to an end, and the nickel ore market sentiment weakened. The 1.5% grade CIF price of Philippine nickel ore fell by US$1.5 to US$71/wet ton, and the price of low-grade nickel ore remained stable. The sentiment of the domestic ferronickel market is relatively stable. The purchase price of steel mills is concentrated in the vicinity of 1100-1120 yuan/nickel, which is equivalent to the current quotation of the factory. Under the current situation of continuous production losses, the factory's sentiment is relatively obvious, but the downstream steel mills are currently holding down prices Obviously, coupled with the expectation of a sharp increase in the supply of nickel ore, the ferronickel market is under-supported. It is expected that the short-term high ferronickel market will continue to operate smoothly.

Yesterday, the mainstream ex-factory price of high chromium was 8500-8700 yuan/50 basis tons. After the budgeted electricity consumption of high-energy-consuming enterprises in Inner Mongolia increased by 750 million kWh in April, the industry is not very optimistic about the future high chromium market, and the price of high chromium is weak in the short term. shock.