After the Chinese New Year, the overall trend of the stainless steel market has shown a post-rally decline. As of February 16th, the mainstream price of Wuxi area Taiyuan Iron & Steel’s 304 cold rolled coils was 17,200-17,700 yuan/ton, a cumulative decrease of 300 yuan/ton compared to before the Spring Festival, a reduction of 1.69%, and a drop of 13.61% compared to the same period last year. The highest point after the Spring Festival increased by 0.56%.
In addition to 304, the most apparent adjustment is 316L. The mainstream price of Wuxi area Taiyuan Iron & Steel’s 316L cold rolled coils is 34,150-34,650 yuan/ton, a cumulative increase of 2,250 yuan/ton compared to before the Spring Festival, an increase of 7.00%, and an increase of 16.61% compared to the same period last year. The highest point after the Spring Festival increased by 10.42%.
Wuxi stainless steel 304/316L cold coil price trend chart
The chart shows that the stainless steel market for 304 and 316L experienced a post-rally decline, but 316L showed a significant upward trend, while the trend for 304 was relatively stable. In terms of the driving factors of the market, both increases were supported and driven by downstream and terminal replenishment after the Spring Festival. At the same time, both decreases were affected by a decline in demand and a drop in futures.
The difference is that the critical raw material for 304, nickel, showed a clear downward trend after the Spring Festival, with spot electrolytic nickel falling by 5.02%. In addition to being affected by the nickel market, 316L is more driven by molybdenum. After the Spring Festival, ferromolybdenum rose by 23.53%, and the highest point after the Spring Festival increased by 32.77%, indicating its significant impact.