Taigang Stainless is cutting its domestic stainless steel prices by 1-5% for May deliveries, tracking a weak spot market.
The steelmaker has reduced its 304 cold rolled coil (CRC) price by 500 yuan ($79) per tonne and its 304 hot rolled coil price by 2,000 yuan per tonne. It kept its 430 2B 2mm CRC price at 10,850 yuan per tonne, down by 600 yuan or 5.2% from April’s price.
Taigang Stainless’ 304 2B 2mm coil will be priced at 20,000 yuan per tonne for May, with a 600 yuan discount for distributors, the mill said.
This compares with a spot price for the same material in Wuxi at 18,700-19,000 yuan per tonne, down by 100 yuan from last Friday, and down by 400-500 yuan from 19,200-19,400 yuan per tonne a month ago.
“Demand in the spot market is not good and LME nickel prices are also falling, so Taigang continues to slash prices,” an analyst in the Wuxi market said.
Stainless steel stocks in 26 major warehouses in Wuxi totalled 210,756 tonnes on Friday April 13, down from 222,248 tonnes on March 13, according to market data provider 51bxg.com.