Golden Week restocking drives uptick in China domestic stainless steel price

The Chinese domestic stainless steel price narrowed upward over the week ended Wednesday September 30 due to an active market ahead of the National Day holiday on October 1-8.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,400-15,100 yuan ($2,117-2,220) per tonne, up from 14,300-15,100 yuan per tonne a week earlier.
Downstream factories raised procurement rates to build up stocks for consumption during the week-long public holiday starting on Thursday, when they maintain production but most stainless steel sellers are closed.
“The increase in the rate of demand is not very large, so stainless steel prices didn’t rise sharply,” a trader in Wuxi said.

Market inventories of type 300 stainless steel flat was at 330,000 tonnes in...

Published

Jessica Zong

September 30, 2020

14:00 GMT

Shanghai