High inventory levels push down Chinese stainless steel prices

Chinese stainless steel prices in both the domestic and export markets fell over the past week amid bearish sentiment stemming from the high inventories held at a major mill in eastern China.

Domestic
Fastmarkets’ weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country’s major market of Wuxi was 14,400-15,000 yuan ($2,040-2,125) per tonne including value-added tax for the week ended Wednesday December 4, down 300 yuan per tonne from a week earlier.

A major mill in eastern China has a large inventory of stainless hot-rolled coil and it might take the mill three or four months to sell off these products, an industry analyst in Shanghai...

Published

Jessica Zong

Lee Ken Kiat

December 05, 2019

06:05 GMT

Shanghai