Stainless Steel Billet Prices Rebound at Low Levels; 304 Scrap Prices Mostly Stable
Jun 19, 2024
On June 18th, the stainless steel billet market in Foshan experienced a slight rebound in prices, with the 304 scrap material prices remaining mostly stable. The London nickel price fell by $220 to $17,430 per ton, with a stockpile of 87,744 tons.
Early in the morning, the stainless steel spot market maintained stable quotations, with some transactions still offering discounts. The Qingshan agents kept their quotes flat, with some variations mainly due to rebates offered, resulting in a price difference of 100 yuan/ton for both 201 and 304 grades.
Afternoon adjustments saw a 50 yuan/ton increase in 304 prices reported by Qingshan agents, following the fluctuation of stainless steel futures and rumors of steel mill shutdowns. The market took the opportunity to accept orders, showing signs of a pickup in transactions.
For scrap materials, the market quotes for 304 scrap mostly remained stable, with individual fluctuations of 50 yuan/ton; 201 scrap saw individual drops of 20-30 yuan/ton.
Despite the continued decline in London and Shanghai nickel futures affecting the market, the atmosphere of price drops did not become intense. Merchants mostly maintained stable prices for purchasing, with only a few showing fluctuations of 50 yuan/ton. The market's specific quotations still had a high-low price difference of around 100 yuan/ton.
Due to considerations of cost and profit, the market has a strong mentality for lowering purchase prices. However, the difficulty in finding low-priced resources led to fewer purchases. Later, some merchants secretly indicated they could increase the purchase price by 10-20 yuan/ton, while others maintained a high purchase price but often stated that payment would only be possible after 10-15 days or required a 50-80 yuan/ton discount for cash payments.
Note: The market's specific purchases are mostly sporadic orders, with few successful large orders.
Americ Energy (CHINA) Co., Ltd. is a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries.
Their offerings include stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.
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