China’s domestic stainless steel prices dive on weak demand

Domestic stainless steel prices in China dropped sharply over the week ended Wednesday November 3, causing exporters in the country to lower their offers as well.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 19,800-20,200 ($3,094-3,156) per tonne, down by 800-900 yuan per tonne from a week earlier
Sentiment in the stainless steel futures market remained bearish over the past week amid general weakness in ferrous futures, such as iron ore and coal.
The most-traded December stainless steel futures contract on the Shanghai Futures Exchange closed at 18,565 yuan per tonne on Wednesday, down by 1,065 yuan per tonne from 19,630 yuan per tonne a week earlier.

The weakness in futures subdued buying...

Published

Jessica Zong

November 03, 2021

09:24 GMT

Shanghai