Reportedly, Chinese Baosteel Stainless announced to cut domestic prices for austenitic stainless steel prices by RMB700~RMB900/ton for June to reflect lower raw material prices.
Baosteel Stainless decided to cut its list prices for 304 grades hot rolled coils and cold rolled coils by RMB700 and RMB900/ton respectively for June.
Also, the company cut its prices for ferritic stainless steel by RMB200/ton.
Meanwhile, Baosteel Stainless said that its crude steel output fell by around 10,000 tons in May due to weak demand.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=64646&division=A1
