Recent price trends of stainless steel

‌Stainless steel prices have been on a downward trend recently. ‌

Stainless steel futures prices have fallen in recent times. Specifically, the opening price of the main stainless steel contract on September 9, 2024 was 13,470 yuan/ton, and the closing price was 13,275 yuan/ton, down 1.41% from the previous trading day's closing. In the trading of this day, the main stainless steel contract followed the nickel price and fluctuated downward after the opening of the morning session. It recovered to the vicinity of the opening price of the morning session near the closing of the afternoon. The lowest point of the day reached 13,150 yuan/ton, the same as the lowest point on April 1, 2024, and the daily line closed with a large shadow. In the spot market, due to the obvious downward trend of the market and the decline in the opening price of steel mills, most market merchants lowered their quotations by 100 yuan/ton to stimulate shipments. The market was pessimistic, and the inquiry and transaction situation were general‌1.

In addition, the fluctuation of stainless steel prices was also affected by macroeconomic factors. For example, changes in macro data such as slowing domestic demand and price differentiation, as well as changes in policy expectations, may have an impact on stainless steel prices. Especially during the window period of incremental policies, changes in market sentiment and expectations may have a further impact on stainless steel prices‌2.

In summary, stainless steel prices have shown a downward trend recently, affected by a variety of factors, including market supply and demand, changes in macroeconomic data, and changes in policy expectations.