Slump hints stainless mills not meeting pledge

Dec 11, 2007 | 08:40 AM |

Chinese stainless mills might not be following through on their announced production cuts as the domestic market remains sluggish and stocks high, traders said.

Benchmark 304 2-millimeter cold-rolled stainless coil was selling at 30,000 to 31,200 yuan ($4,064 to $4,227) a tonne in China's spot market last Friday, more than 3,200 yuan ($434) lower than mills' December list prices of 34,400 yuan ($4,661) ex-works.....

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