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
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