China’s domestic stainless steel prices stage late recovery but still down w-o-w

Domestic stainless steel prices in China were down in the week ended Wednesday November 24 but managed to stage a late-week recovery on futures gains and rising positivity in the market.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 18,300-18,500 ($2,864-2,895) per tonne, down by 500 yuan per tonne from a week earlier
Stainless CRC prices dropped to 18,300 yuan per tonne on Tuesday due to weak demand. But prices rebounded by 200 yuan per tonne to 18,500 yuan per tonne on Wednesday, with much more activity seen compared with the period from last Thursday to Tuesday, market sources told Fastmarkets.
Chinese Premier Li Keqiang said power plants and local governments should ensure electricity supply to avoid industrial production cuts caused by power restrictions, according to a report by state news agency Xinhua on Tuesday.

Li made the speech during an inspection tour in Shanghai on Monday and...

Published

Jessica Zong

November 24, 2021

09:21 GMT

Shanghai