Reportedly, the stainless steel prices have dipped to 4-year low at end of June, caused by falling nickel prices.
It’s learned that Taigang Stainless, the largest stainless producer in China has cut its ex-work prices of 304 grade hot rolled coils (HRC) by a total of RMB2,200/ton during April and June.
Industry sources said that the stainless steel prices have remained weak in the Chinese domestic market due to oversupply and high inventories.
According to data, the stocks of stainless steel products totaled 320,000 tons in the Wuxi and Foshan markets as of the first half of June, remaining flat from the same period of a year ago.
Meanwhile, the country’s crude stainless steel output totaled 7.705 million tons in the first five months of this year, soaring by 18% year on year.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65521&division=A1
