China’s stainless steel prices are on a downtrend even as the markets recover after the Covid-19 related shutdown, according to Guangdong Stainless Steel Materials and Products Association (GDSSMPA).
On Mar 3, Tsingshan reduced their prices for 201 stainless steel hot-rolled strip by CNY50/mt from the prior week. Prices for other stainless steel products have also reduced. The association estimates that prices for 304 stainless steel products have declined by CNY800/mt from since mid-February.
Tsingshan’s 304 stainless steel hot-rolled slab prices are at CNY12,500/mt, Fujian Jinjin 04 stainless steel cold rolled spot sales guide price is at CNY12,900/mt and Qingtuo Shangke 304 stainless steel cold rolling spot sales guide price is at CNY12,900 /mt.
The Foshan and Wuxi warehouses in the country are full of stainless steel inventories. Demand, however, has failed to recover after the resumption of markets. Mills are, thus, pressured to adjust their prices and ship products, according to the GDSSMPA.