Stainless steel warehouse receipts continue to show significant upward pressure once again

The spot price of stainless steel in Wuxi fluctuates. On September 7th, Jiangsu Wuxi 304 cold rolled 2.0mm price: Yongjin Sichi 15950, down 50; Beigang New Materials 15600, down 50%; Delong 15600, down 50; Hongwang 15650, down 50. 316L cold rolled 2.0mm price: Taiyuan Steel 28700, increased by 200; Zhangpu 28700, up 200.

On September 7, 2023, the total social inventory of 78 stainless steel warehouses in the mainstream market nationwide was 1.0331 million tons, a decrease of 1.04% on a weekly basis. Among them, the total inventory of cold-rolled stainless steel is 548200 tons, a decrease of 0.58% on a weekly basis, and the total inventory of hot-rolled stainless steel is 484900 tons, a decrease of 1.56% on a weekly basis.

In this period, the social inventory of 78 stainless steel warehouses in the national mainstream market showed a decrease, mainly focusing on the digestion of 200 and 400 series resources. This week's spot prices have been relatively strong, and the transaction of replenishing the stock just needed is still acceptable. Coupled with the impact of typhoon weather, the arrival of goods has been slightly delayed, so the national stainless steel social inventory has been digested. On September 7, 2023, the total inventory of stainless steel in the Wuxi market was 548900 tons, a decrease of 8106 tons or 1.46%.

The 200 series did not receive any obvious steel factory deliveries this week, and the spot prices were relatively strong during the week. The purchase transactions for just in need were still acceptable, with the main focus being on spot inventory digestion, with an overall decrease of 10.11%; This week, the resources of the 300 series steel mills in South China arrived normally, while the resources of the large mills increased slightly. The cold rolling was mainly based on the increase in warehouse receipt resources, while the hot rolling arrived less than the cold rolling. During the week, the spot digestion was the main trend, showing an increase in cold rolling and a decrease in hot rolling, with an overall increase of 0.30%; Within the week of the 400 series, the settlement and reduction of frontend resources from the Northwest Factory were mainly focused on cold rolling, with an overall decrease of 2.34%. Stainless steel futures warehouse receipt 79942, increased by 5113.

Stainless steel performance adjustment. The overall inventory of stainless steel has decreased, with a slight rebound in the inventory of the 300 series. The rebound in Wuxi is relatively small, while in Foshan it is slightly higher. Due to the slowdown in mining quotas in Indonesia and the rise in nickel pig iron prices, stainless steel prices have been boosted. However, after the recent price rebound, demand is on the sidelines. With the introduction of domestic stable growth measures and attention to the improvement of actual demand in the future, although stainless steel production remained high from August to September, the month on month change is relatively limited. Recently, there has been a significant rebound in stainless steel warehouse receipts, and upward pressure is still evident.

From the perspective of technical trends, the consolidation of stainless steel below 16000 has temporarily continued, and the trend around 15700 has been fluctuating. If defense is unfavorable, support will be observed around 15300, while above, attention will be paid to the willingness to break through the previous high point of 16300.