Chinese stainless steel prices nosedive on weakened demand

China’s stainless steel prices plunged in the week to Wednesday September 29 due to the weak demand and destocking pressure.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 21,000-21,400 ($3,247-3,308) per tonne, down by 800-1,100 yuan per tonne from a week earlier
The high prices of a week earlier - they had surged to their highest in 10 years - kept buying interest subdued since the middle of last week, sources said.
“My customers said they couldn’t make any profit, so they had to scale down their procurement rates and bought only limited tonnages,” a trader in Wuxi said.

A softening...

Published

Jessica Zong

September 30, 2021

04:51 GMT

Shanghai