Chinese stainless steel prices steady amid sluggish downstream, export demand

Stainless steel prices in China declined over the past week amid poor demand from both downstream industries within the country and overseas buyers.

Market participants said that stainless steelmakers were limited in their ability to slash prices any further because of the recent stability in the price of nickel.
The three-month nickel contract on the London Metal Exchange has remained rangebound at $11,000-11,500 per tonne since mid-March.
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 12,000-12,700 yuan ($1,699-1,798) per tonne including value-added tax on Wednesday, narrowing downward by 100 yuan per tonne from 12,000-12,800 yuan per tonne a week earlier.

China’s domestic stainless steel prices have fallen to their lowest in 32 months. They were at 11,800-12,500 yuan per tonne on July 12, 2017, according...


Jessica Zong

Lee Ken Kiat

April 09, 2020

05:10 GMT

Shanghai, Singapore