China's domestic demand for stainless steel has weakened in the past few week due to a widespread electricity shortage across the country, which weighed on prices in the week to Wednesday October 13.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 21,000-21,200 ($3,260-3,291) per tonne, narrowed downward by 200 yuan per tonne
from September 29.
The power shortage has resulted in downstream factories lowering their production rates, which in turn reduced their demand for stainless steel, market sources said.
Although the Ministry of Industry & Information Technology said on September 29 that it would make every effort to increase power supply for the upcoming autumn and winter months, major stainless steel-consuming such as Jiangsu and Guangdong have yet to experience much improvement.
"The power shortage...