China’s stainless steel export prices increase on rising yuan, need for replenishments

China’s export prices for stainless steel pushed up in the week to Wednesday October 14 due to the the stronger yuan, rising demand from buyers and higher domestic prices.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,500-15,200 yuan ($2,159-2,263) per tonne, up by 100 yuan per tonne a week earlier.
Buyers have raised procurement rates over the past week to replenish inventories, pushing up prices slightly.
Market participants are optimistic about the stainless steel market in the coming few months due to positive developments in downstream industries.

For instance, automobile output reached 2.54 million units in September, up by 14.1%...

Published

Jessica Zong

October 15, 2020

06:04 GMT

Shanghai