China stainless steel mils cut prices

Chinese stainless steel mills cut prices by up to 800 yuan ($117) per ton after raw material prices retreated and some market participants predict a stiff correction.

Shanxi Taigang Stainless Steel, China’s leading producer, cut its list price for Grade 304 2B 2mm cold rolled coil and hot rolled coil by 800 yuan to 24,620 yuan and 23,420 yuan per tonne for the week. The mill kept the Grade 430 cold rolled coil unchanged at 13,120 yuan per ton. Zhangjiagang Pohang Stainless Steel (ZPSS) followed with the same price cut, setting its weekly price for Grade 304 CRC at 24,200 yuan. This will also be linked to the falls in Nickel prices. The  LME price for Nickel has fallen this week form highs in excess of 20,000 USD per tonne to below 18,600 USD per tonne.

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