China’s domestic stainless steel prices retreated over the past week as selling interest picked up.
Metal Bulletin’s assessment of prices for benchmark 304 stainless cold rolled coil was 12,900-13,300 yuan ($1,897-1,955) per tonne including VAT in the major market of Wuxi for the week ended Thursday June 29, down 100-300 yuan ($15-44) per tonne from a week earlier.
Steel mills made an active push to sell their stainless steel after the sharp increases in the preceding week. Buyers did not bite, however.
Trading activity fell as a result, which led the mills have to lower their prices to make a sale.
Prices fell as low as 12,900-13,100 yuan ($1,897-1,926) per tonne, before recovering to 13,100-13,300 yuan ($1,926-1,955) per tonne on Wednesday and Thursday amid a strengthening nickel market.
The three-month nickel contract on the London Metal Exchange ended the official trading session on Thursday at $9,325-9,330 per tonne, up $365 per tonne from a week earlier.
Metal Bulletin’s assessment of spot prices for high-grade nickel pig iron (Ni 10-15%) was 790-825 yuan ($116-121) per nickel unit on Tuesday, up 20-25 yuan ($3-4) per nickel unit week-on-week.
Eastern China’s stainless steel major Zhangjiagang Pohang Stainless Steel’s purchase price for high-grade NPI (Ni 8-10%) was set at 815 yuan ($120) per nickel unit for a week from Thursday, up 25 yuan ($4) per nickel unit from the preceding seven days.
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