Chinese stainless steel prices fall further amid selling pressure

Stainless steel prices in China kept dropping over the past week because sellers sought to generate more sales to draw down their inventories amid a bearish outlook caused by the Covid-19 pandemic.

Nickel prices on the London Metal Exchange edged on but are still around their lowest in the past year-and-a-half, which put additional pressure on stainless steel prices.
The three-month nickel contract on the LME ended Wednesday April 1’s trading session at $11,288 per tonne, up by $37 per tonne from a week earlier.
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 12,000-12,800 yuan ($1,690-1,803) per tonne including value-added tax on Wednesday, narrowing downward by 200 yuan per tonne from 12,000-13,000 yuan per tonne a week earlier.
The recovery of demand for stainless steel is slow due to subdued downstream industries.

Published

Jessica Zong

Lee Ken Kiat

April 02, 2020

06:00 GMT

Singapore, Shanghai