Chinese stainless steel scrap market inactive
2023-03-30 08:22:20 [Print]
BEIJING (Asian Metal) 30 Mar 23 - End users remain cautious about purchasing dragged by the continuous price decreases as well as insufficient orders, and the domestic stainless steel scrap market runs slowly at the moment. Presently, the mainstream prices of 304 casting scrap stand at RMB13,300-13,800/t (USD1,935-2,007/t) D/P, similar to Tuesday. Insiders foresee decreasing prices of stainless steel scrap in view of the dim market.
"Discouraged by the downward price trend and the absence of orders for final products, regular clients purchase inactively. We did not close any deals on Wednesday, and last sold 20t of 304 casting scrap at RMB13,800/t (USD2,007/t) early this week," noted a trader in South China, offering RMB13,800/t (USD2,007/t) without concession for 304 casting scrap. "We tried to contact with several regular clients this week, but few of them showed intention in placing orders," added the trader. According to him, supported by the firm purchasing costs, they tend to maintain prices of stainless steel scrap stable rather than cut down after the continuous decreases in the first three weeks of the month, but the sluggish demand from downstream industries might force them to move down prices further in the coming several days.
Holding around 1,000t in stock, the trader might sell 1,000t in March, down from 1,100t in February. The sales volume in the first quarter of 2023 would reach 3,200t or so, against 11,200t more or less in 2022.
"The most competitive price we got for 304 casting scrap remains at RMB13,500/t (USD1,964/t) this week, but we do not plan to purchase, believing prices would edge down further in April," stated a consumer in North China, who bought 10t of the material at RMB13,700/t (USD1,993/t) in the middle of last week. The consumer remains inactive in purchasing seeing the downward price trend. Besides, clients place orders cautiously. "Orders for final products are only enough for 20-day production now, against one-month early this year and 2-3 months in the second half of last year," added the consumer. He worries prices of stainless steel scrap would decline further by RMB200/t (USD29/t) in the coming several days in view of the quiet market.
Presently, the consumer only holds around 12t of stocks, against 20t early this month. Based on the monthly consumption capacity of 40t, the consumer might use 30t of stainless steel scrap in March, against 25t in February. The consumption volume in the first quarter of 2023 would achieve 85t, against approximately 360t in 2022.
"Discouraged by the downward price trend and the absence of orders for final products, regular clients purchase inactively. We did not close any deals on Wednesday, and last sold 20t of 304 casting scrap at RMB13,800/t (USD2,007/t) early this week," noted a trader in South China, offering RMB13,800/t (USD2,007/t) without concession for 304 casting scrap. "We tried to contact with several regular clients this week, but few of them showed intention in placing orders," added the trader. According to him, supported by the firm purchasing costs, they tend to maintain prices of stainless steel scrap stable rather than cut down after the continuous decreases in the first three weeks of the month, but the sluggish demand from downstream industries might force them to move down prices further in the coming several days.
Holding around 1,000t in stock, the trader might sell 1,000t in March, down from 1,100t in February. The sales volume in the first quarter of 2023 would reach 3,200t or so, against 11,200t more or less in 2022.
"The most competitive price we got for 304 casting scrap remains at RMB13,500/t (USD1,964/t) this week, but we do not plan to purchase, believing prices would edge down further in April," stated a consumer in North China, who bought 10t of the material at RMB13,700/t (USD1,993/t) in the middle of last week. The consumer remains inactive in purchasing seeing the downward price trend. Besides, clients place orders cautiously. "Orders for final products are only enough for 20-day production now, against one-month early this year and 2-3 months in the second half of last year," added the consumer. He worries prices of stainless steel scrap would decline further by RMB200/t (USD29/t) in the coming several days in view of the quiet market.
Presently, the consumer only holds around 12t of stocks, against 20t early this month. Based on the monthly consumption capacity of 40t, the consumer might use 30t of stainless steel scrap in March, against 25t in February. The consumption volume in the first quarter of 2023 would achieve 85t, against approximately 360t in 2022.
