Chinese stainless steel scrap prices decline
2023-03-03 08:21:27 [Print]
BEIJING (Asian Metal) 3 Mar 23 - Discouraged by the prices decline of raw materials as well as the poor sales performance, domestic stainless steel scrap traders moved down prices this week. The present prevailing prices of 304 casting scrap hover at RMB14,900-15,200/t (USD2,169-2,213/t) D/P, down by RMB100/t (USD15/t) from Wednesday. Insider foresee narrowly stable prices in the coming several days upon the watchful atmosphere in the market.
"We have to cut prices of stainless steel scrap continuously this week dragged by the downward price trend of nickel. End users held back from purchasing seeing the price decline. We did not receive any inquiries nor close any deals on Thursday, and last sold 30t of 304 casting scrap at RMB15,100/t (USD2,190/t) on Wednesday, while could sell 70t a day easily in the middle of February," complained a trader in East China. In the meantime, the trader disclosed that suppliers for solid scrap keep inactive in selling now restricted by the continuous price declines. Therefore, he does not plan to move down prices and predicts flat prices of stainless steel scrap in the forthcoming several days.
Holding around 3,000t in inventory, the trader sold around 1,800t in February, against 1,500t in January. With the typical monthly sales volume of 1,500t, the trader recorded the sales volume of approximately 17,000t in 2022, against 18,000t in 2021.
"We found it hard to close deals even the traditional peak season comes. We received rare inquiries and did not close any deals these two days, and just sold 30t of 304 casting scrap at RMB15,300/t (USD2,219/t) early this week," disclosed a trader in South China. Meanwhile, he stated that the continuous and sharp price drops of nickel weakened downstream customers' purchasing activities to a large extent. "We tried to contact with several regular buyers this week, but none of them showed intention in purchasing, either waiting for a further price drop or complaining the absence of new orders," complained the trader. He shows little confidence and worries about a further price decrease in the following several days.
Presently, the trader holds around 1,000t in inventory. He sold around 1,100t in February, similar to January. Based on the regular monthly sales volume of 2,000t, the trader roughly sold 11,200t in 2022, down from 24,000t in 2021.
"We have to cut prices of stainless steel scrap continuously this week dragged by the downward price trend of nickel. End users held back from purchasing seeing the price decline. We did not receive any inquiries nor close any deals on Thursday, and last sold 30t of 304 casting scrap at RMB15,100/t (USD2,190/t) on Wednesday, while could sell 70t a day easily in the middle of February," complained a trader in East China. In the meantime, the trader disclosed that suppliers for solid scrap keep inactive in selling now restricted by the continuous price declines. Therefore, he does not plan to move down prices and predicts flat prices of stainless steel scrap in the forthcoming several days.
Holding around 3,000t in inventory, the trader sold around 1,800t in February, against 1,500t in January. With the typical monthly sales volume of 1,500t, the trader recorded the sales volume of approximately 17,000t in 2022, against 18,000t in 2021.
"We found it hard to close deals even the traditional peak season comes. We received rare inquiries and did not close any deals these two days, and just sold 30t of 304 casting scrap at RMB15,300/t (USD2,219/t) early this week," disclosed a trader in South China. Meanwhile, he stated that the continuous and sharp price drops of nickel weakened downstream customers' purchasing activities to a large extent. "We tried to contact with several regular buyers this week, but none of them showed intention in purchasing, either waiting for a further price drop or complaining the absence of new orders," complained the trader. He shows little confidence and worries about a further price decrease in the following several days.
Presently, the trader holds around 1,000t in inventory. He sold around 1,100t in February, similar to January. Based on the regular monthly sales volume of 2,000t, the trader roughly sold 11,200t in 2022, down from 24,000t in 2021.
