Chinese 304 grade stainless HRC prices decrease further
2017-04-21 08:35:41 【Print】
BEIJING (Asian Metal) 21 Apr 17 - Chinese 304 grade stainless HRC prices are still going down for the time being because of lower raw material costs and decrease in steel mills’ list prices. Current mainstream market prices of 304/No
A Wuxi-based distributor of 304 grade stainless HRC told Asian Metal that the price is still dropping at present. His price for 304/No . 1 6.0mm*1,520mm*C from Eastern Special Steel is RMB13,600/t (USD1,976/t) VAT included, down by RMB100/t (USD15/t) compared with that of last trading day.
The source attributes the price decrease to lower raw material costs . According to him, the market price of Jinchuan 99.9%min nickel cathode in domestic China fell by RMB1,800/t (USD261/t) this week to around RMB77,450/t (USD11,252/t). “I reduced the price by a total of RMB400/t (USD58/t) in the past week,” he said . Nevertheless, expecting the price to fall further, customers without urgent need for materials are just holding a wait-and-see attitude now and refusing to place orders . He has few deals concluded now against the sales volume of about 1,000t for last month . With an inventory of around 600t in hand now, the source thinks the market will remain dim in the following days.
Another local trader confirmed the price decrease. His price for 304/No . 1 4.0mm*1,520mm*C from Eastern Special Steel is RMB13,600/t (USD1,976/t) VAT included, RMB100/t (USD15/t) lower than that of last trading day.
According to the source, Eastern Special Steel cut the list price of 304/No . 1 (4 . 0-12.0)mm*1,520mm*C by RMB100/t (USD15/t) on 20th April to RMB13,750/t (USD1,998/t) after the decrease of RMB100/t (USD15/t) on Wednesday . “Traders normally follow steel mills’ list prices to adjust their prices,” he explained . However, with a sales volume of no more than 20tpd against that of around 1,000t for last month, the source said the market sales performance does not improve under customers’ cautious attitude . The source has no confidence in the market outlook and his current stockpile is about 500t.
. 1 (4 . 0-12.0)mm*1,520mm*C from Eastern Special Steel are about RMB13,600/t (USD1,976/t) VAT included with the payment of D/P in Wuxi, Jiangsu province . Considering demand from customers remains weak, insiders are not optimistic about the market outlook.