August 2012 | Stainless Steels
Chinese demand stagnates, prompting producers to cut prices: Asian Highlights
Chinese domestic prices cut to try to attract buyers, but inventory levels remain stubbornly high.
In China the demand from end-users such as automakers, machinery and shipbuilders is stagnant. Taigang, China’s largest stainless steel producer cut its Type 304 cold rolled coil price by RMB 700/tonne, or 3.7%, to RMB 18,200/tonne in September. It also cut the price of its Type 304 hot rolled coil by RMB 300/tonne to RMB 18,100/tonne, and that of its Type 430 cold rolled coil by RMB 400/tonne to RMB 10,100/tonne. Baosteel, China’s second-largest stainless steelmaker also cut its 304 cold rolled coil and hot rolled coil price by 2.7% and 4.0% to RMB 17,800/tonne and RMB 16,800/tonne, respectively.
Domestic stainless steel prices have not stopped falling since February and the falling trend has accelerated in recent weeks. Baosteel has also decreased its stainless steel hot rolled coil export prices...
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