China’s domestic stainless steel prices edge up on good demand

China’s domestic stainless steel prices narrowed up slightly in the week to Wednesday March 31 on strong demand and dropping inventories.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 15,300-16,100 yuan ($2,330-2,452) per tonne
The price narrowed upward by 100 yuan per tonne from the previous week.
Solid demand for downstream products led to active purchasing of stainless steel over the week, so some sellers decided to raise their prices slightly, sources told Fastmarkets.
“Stock also drop gradually at my warehouse, with [inventories] 10% lower than in early March, which also supports the stainless steel price,” a trader in Wuxi said.
But some other sellers maintained their existing prices, because of the weak nickel futures market.

The...

Published

Jessica Zong

April 01, 2021

07:56 GMT

Shanghai