jiangsu stainless steel news in May
According to manager statistics , Jiangsu Jaway Stainless Steel bar and wire Group Co Ltd produced stainless steel wire and bar of 800 tonnes and stainless steel bar of 600 tonnes monthly in January to May 2012.
and other news, the stainless steel inventory totaled 193,646 tonnes in Chinese Wuxi market in the second 10 days of May 2012, decreasing by 2.91% in comparison of that in 10 days earlier. Among them, 114,541 tonnes were cold rolled stainless steel, falling by 2.76% and 79,105 tonnes were hot rolled stainless steel, decreasing by 3.13%, both compared to that in 10 days ago.
o specify steel grade, 143,542 tonnes were 300 grades, dropping by 5.5%; 36,052 tonnes were 400 grades, rising by 0.01% and 14,079 tonnes were 200 grades, soaring by 21.63%, all compared to that in the previous 10 days.
Surcharges announced by Outokumpu show further falls for most stainless steel grades. Nickel prices have continued to fall since the middle of February from levels close to USD 22,000 per tonne down this week to below USD 17,000 per tonne.
Most of these falls are on the back of economic gloom and the low demand for Nickel along with several other metals related commodities. The only increase in surcharges is for ferritic grades dues to increased chrome prices.
As a result at least one Nickel mining company has gone into administration Kagara, with others under severe pressure. Many companies are looking to diversify and reduce their investment in Nickel production and generally scale it back, longer term this may result in shortages and drive the price back upwards
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