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| China's Stainless Steel Majors Cut Domestic Prices For Oct Shipments |
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China's major stainless steel manufacturers have informed domestic customers this week of price reductions for October shipments of CR sheets, it was learned in Tokyo Wednesday. The price reductions are Yn2,600/ton (US$382) by Taiyuan Iron & Steel Group Co and Yn2,100/ton (US$309) by Ningbo Baoxin Stainless Steel Co, each for nickel-based CR sheets. Both companies have a price reduction in effect of Yn1,000/ton (US$147) for chromium-based CR sheets. As a result, Ningbo Baoxin's new prices after value-added tax are Yn26,500/ton (US$3,897) for Ni-based products and Yn14,000/ton (US$2,058) for Cr-based products. China's domestic stainless steel market in the Wuxi area is linked to the world's nickel prices. The current market prices are lower by nearly Yn2,000/ton (US$294) than what the nation's stainless steel majors charge for domestic shipments. Still, stainless steel stocks in the Wuxi area stand at a flat level of 120,000 tons in total, with no change since July. In late September, Japan's stainless steel producers got Chinese customers' bids of US$3,200-3,300/ton FOB for imports of Ni-based CR sheets from Japan. Later, though, the bids were retracted due to violent fluctuations of the world's nickel prices. At present, there are no bids from the Chinese customers who are marking time as a whole. As the Japanese steelmakers see it, assumable Chinese bids may be fairly close to US$3,000/ton FOB. But the Japanese steelmakers have no idea of pushing their export negotiations at prices below US$3,000/ton FOB, given their production with raw materials at a high level of prices. |
| last modified : Tue 21 Oct, 2008 [12:02] |
