China’s domestic stainless steel price down on weak downstream industries

Domestic stainless steel prices in China maintained their downward trend for the week ended Wednesday November 17 due to soft demand.

Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 18,800-19,000 ($2,942-2,974) per tonne, down by 500 yuan per tonne from a week earlier.
Downstream industries performed poorly, leading to lower stainless steel demand.
Market sentiment became bearish after the National Bureau of Statistics (NBS) released downstream data on November 15.

The production of refrigerators was 7.64 million units in October in China, down by 13.5% from a year earlier. The figure for washing machines was 7.67 million units last month, down...


Jessica Zong

November 17, 2021

12:55 GMT