China’s stainless steel prices fall on inventory pressure

China’s domestic stainless steel prices dropped over the past week due to inventory pressure experienced by a major mill, which went on to weigh on export prices.

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 14,150-14,900 yuan ($2,010-2,116) per tonne including value-added tax for the week ended Wednesday December 11, down 100-250 yuan per tonne from a week earlier.
Prices declined despite nickel futures rising after Indonesia decided earlier this week to double its royalty on nickel ore sales to 10%, industry analysts said.
The three-month nickel contract on the London Metal Exchange ended its trading session on Wednesday December 11 at $13,630-13,640 per tonne, up $350-355 per tonne from $13,280-13,285 per tonne a week earlier.

A major stainless steel producer in eastern China that has a lot of inventory...


Jessica Zong

Lee Ken Kiat

December 12, 2019

06:14 GMT