Chinese 304 grade stainless HRC prices remains downward
2017-03-24 08:36:40 [Print]
BEIJING (Asian Metal) 24 Mar 17 - Chinese 304 grade stainless HRC prices keep the downward trend at present on weak customer demand and decrease in steel mills’ list prices. Current mainstream market prices of 304/No.1 (4.0-12.0)mm*1,520mm*C from Eastern Special Steel are about RMB14,400/t (USD2,091/t) VAT included in Wuxi, Jiangsu province. Insiders have no confidence in the market outlook.
A Wuxi-based distributor of 304 grade stainless HRC told Asian Metal that the price is still going down for the time being. His price for 304/No.1 6.0mm*1,520mm*C from Guangqing Stainless is RMB14,400/t (USD2,091/t) VAT included, down by RMB50/t (USD7/t) compared with that of last trading day.
According to the source, seeing downward raw material costs, customers are expecting the price of 304 grade stainless HRC to drop and placing orders sparingly. “The market price of Jinchuan 99.9%min nickel cathode in domestic China fell by RMB1,700/t (USD247/t) this week to around RMB83,050/t (USD12,058/t),” he explained. His current sales volume remains at less than 50tpd against that of around 2,000t for last month. Holding a stockpile of about 500t in hand now, the source does not think the market will improve in the next few days.
Another local trader confirmed the price decrease. His price for 304/No.1 4.0mm*1,520mm*C from Eastern Special Steel is RMB14,400/t (USD2,091/t) VAT included, RMB50/t (USD7/t) lower than that of last trading day.
The source attributes the price decrease to lower purchase cost. According to him, Eastern Special Steel reduced the list price of 304/No.1 (4.0-12.0)mm*1,520mm*C by RMB50/t (USD7/t) on 23rd March to RMB14,550/t (USD2,113/t). “I cut my prices by a total of RMB450/t (USD65/t) in the past week,” he said. Nevertheless, seeing the continuous price decrease, customers without urgent need for materials are just holding a wait-and-see attitude now and refusing to place orders. With a current sales volume of below 60tpd against that of around 2,000t for last month, the source supposes the market will continue to be quiet in the following days. He has an inventory of about 600t in hand now.
A Wuxi-based distributor of 304 grade stainless HRC told Asian Metal that the price is still going down for the time being. His price for 304/No.1 6.0mm*1,520mm*C from Guangqing Stainless is RMB14,400/t (USD2,091/t) VAT included, down by RMB50/t (USD7/t) compared with that of last trading day.
According to the source, seeing downward raw material costs, customers are expecting the price of 304 grade stainless HRC to drop and placing orders sparingly. “The market price of Jinchuan 99.9%min nickel cathode in domestic China fell by RMB1,700/t (USD247/t) this week to around RMB83,050/t (USD12,058/t),” he explained. His current sales volume remains at less than 50tpd against that of around 2,000t for last month. Holding a stockpile of about 500t in hand now, the source does not think the market will improve in the next few days.
Another local trader confirmed the price decrease. His price for 304/No.1 4.0mm*1,520mm*C from Eastern Special Steel is RMB14,400/t (USD2,091/t) VAT included, RMB50/t (USD7/t) lower than that of last trading day.
The source attributes the price decrease to lower purchase cost. According to him, Eastern Special Steel reduced the list price of 304/No.1 (4.0-12.0)mm*1,520mm*C by RMB50/t (USD7/t) on 23rd March to RMB14,550/t (USD2,113/t). “I cut my prices by a total of RMB450/t (USD65/t) in the past week,” he said. Nevertheless, seeing the continuous price decrease, customers without urgent need for materials are just holding a wait-and-see attitude now and refusing to place orders. With a current sales volume of below 60tpd against that of around 2,000t for last month, the source supposes the market will continue to be quiet in the following days. He has an inventory of about 600t in hand now.
