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2023 Apr 3 300-series stainless steel scrap quotes stood at around 10,550 yuan/m

2023-04-04
2023 Apr 3 300-series stainless steel scrap quotes stood at around 10,550 yuan/mt in east China

300-series Stainless Steel Scrap Quotes Drop 550 yuan/mt from last Week
300-series stainless steel scrap quotes stood at around 10,550 yuan/mt in east China, down 550 yuan/mt from the previous week, which was equivalent to high-grade NPI prices of around 1,100 yuan/mtu.

Spot prices of #304 stainless steel kept declining last week, with a weekly drop of about 400 yuan/mt. 

The spot transactions showed a short-term improvement affected by the fall in futures prices at the beginning of last week. However, as the cost support weakened, the prices slumped, and the transactions became slack. 

The market supply stood low. 

The downstream companies were more willing to pick up cargoes, thus the cold-rolled coil inventory declined palpably. On the other hand, a stainless steel mill in east China increased the shipments of hot-rolled coils to the market, which, coupled with the month-end delivery of some brands, pushed up the overall hot-rolled coil supply. 

Last week, prices of high-grade NPI dropped greatly. Stainless steel mills reduced production intensively in March, and they greatly undercut the purchase prices of NPI. Besides, supply of spot Indonesia NPI stood high. 

Short-term NPI prices are expected to move with occasional falls on the lower Indonesia nickel ore prices. In general, prices of stainless steel continued to fall last week on poor consumption and weakening cost support. 

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