High inventory levels push down Chinese stainless steel prices

December 06, 2019 / www.metalbulletin.com / Article Link

Chinese stainless steel prices in both the domestic and export markets fell over the past week amid bearish sentiment stemming from the high inventories held at a major mill in eastern China.

Domestic
Fastmarkets' weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 14,400-15,000 yuan ($2,040-2,125) per tonne including value-added tax for the week ended Wednesday December 4, down 300 yuan per tonne from a week earlier.

A major mill in eastern China has a large inventory of stainless hot-rolled coil and it might take the mill three or four months to sell off these products, an industry analyst in Shanghai...

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