Chinese stainless steel scrap traders watching the market
2023-04-27 08:18:29 [Print]
BEIJING (Asian Metal) 27 Apr 23 - Prices of stainless steel scrap rebounded by about RMB800/t (USD116/t) in the past week stimulated by the price increase of raw materials, and they changed narrowly this week amid traders' wait-and-see attitudes. Presently, the mainstream prices of 304 solid scrap stand at RMB11,000-11,300/t (USD1,589-1,632/t), and those of 304 casting scrap hover at RMB13,300-13,600/t (USD1,921-1,965/t). Insiders foresee narrowly stable prices in the coming several days upon the watchful atmosphere in the market.
"Though prices of stainless steel scrap rebounded in the past several days boosted by the prices rebound of raw materials, steel mills remain inactive in purchasing discouraged by the poor sales performance of downstream stainless steel. Therefore, we believe prices of stainless steel scrap hard to go up further in the upcoming several days, and might just stabilize," disclosed a trader in East China, quoting RMB11,300/t (USD1,632/t) for 304 solid scrap. The trader did not close any deals on Wednesday, and last sold 20t of the material at RMB11,200/t (USD1,618/t) on Tuesday. In the meantime, he disclosed that the market stock remains low as suppliers remain reluctant to sell, complaining losses, which restrains prices of stainless steel scrap from going down.
Holding approximately 100t of in stock, down from 150t in late March, the trader would sell 150t in April, identical to March. Base on the regular sales volume of 200tpm, he roughly sold 400t in the first quarter of 2023 and 2,300t in 2022.
"We found it hard to develop new customers and even regular clients purchase cautiously dragged by insufficient orders. After tough negotiations, we just sold 50t of 304 casting scrap at RMB13,500/t (USD1,950/t) on Wednesday and last sold 50t of the material at RMB13,400/t (USD1,936/t) on Tuesday, while could sell 80t a day early this month," noted another local trader. Adopting wait-and-see attitude towards the market prospect, the trader does not plan to adjust prices and predicts flat prices of stainless steel scrap in the forthcoming several days. "Prices of raw materials stop decreasing, and the cost support strengthens. Nevertheless, the demand from downstream industries shows no signs of improving," explained the trader.
With the typical monthly sales volume of 2,000t, the trader would sell 1,500t in April, down from 1,800t in March. He roughly sold 5,100t in the first quarter of 2023 and 17,000t in 2022.
"Though prices of stainless steel scrap rebounded in the past several days boosted by the prices rebound of raw materials, steel mills remain inactive in purchasing discouraged by the poor sales performance of downstream stainless steel. Therefore, we believe prices of stainless steel scrap hard to go up further in the upcoming several days, and might just stabilize," disclosed a trader in East China, quoting RMB11,300/t (USD1,632/t) for 304 solid scrap. The trader did not close any deals on Wednesday, and last sold 20t of the material at RMB11,200/t (USD1,618/t) on Tuesday. In the meantime, he disclosed that the market stock remains low as suppliers remain reluctant to sell, complaining losses, which restrains prices of stainless steel scrap from going down.
Holding approximately 100t of in stock, down from 150t in late March, the trader would sell 150t in April, identical to March. Base on the regular sales volume of 200tpm, he roughly sold 400t in the first quarter of 2023 and 2,300t in 2022.
"We found it hard to develop new customers and even regular clients purchase cautiously dragged by insufficient orders. After tough negotiations, we just sold 50t of 304 casting scrap at RMB13,500/t (USD1,950/t) on Wednesday and last sold 50t of the material at RMB13,400/t (USD1,936/t) on Tuesday, while could sell 80t a day early this month," noted another local trader. Adopting wait-and-see attitude towards the market prospect, the trader does not plan to adjust prices and predicts flat prices of stainless steel scrap in the forthcoming several days. "Prices of raw materials stop decreasing, and the cost support strengthens. Nevertheless, the demand from downstream industries shows no signs of improving," explained the trader.
With the typical monthly sales volume of 2,000t, the trader would sell 1,500t in April, down from 1,800t in March. He roughly sold 5,100t in the first quarter of 2023 and 17,000t in 2022.
