Are producers’ actions finally reflecting the actual demand environment?
Via Steel Guru: “YIEH reported that Chinese Baosteel Stainless announced to cut domestic prices for austenitic stainless steel prices by CNY 700~CNY 900 per tonne for June to reflect lower raw material prices…the company also cut its prices for ferritic stainless steel by CNY 200 per tonne.”
“Meanwhile, Baosteel Stainless said that its crude steel output fell by around 10,000 tonne in May due to weak demand.”
Current Stainless and Nickel Prices
The spot price of nickel held steady on Tuesday on the LME, remaining around $14,750 per metric ton. The nickel 3-month price steadied at $14,835 per metric ton following two-days of dropping prices on the LME.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.
The price of Chinese primary nickel fell 0.3 percent.
The prices of Chinese 304 and 316 stainless coil and scrap saw little movement over the last day.