SHANGHAI, Jun. 16 (SMM) – This past week, prices of #200 and #300 stainless steel rallied from lows. The decline in stainless steel inventories serve as one of reasons behind price rebounds, in addition to concentrated purchases by end-users.
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According to SMM data, inventories held by traders in Wuxi and Foshan have dropped to normal levels, about 290,000 tonnes, and inventories at stainless steel mills are also on the decline. SMM survey finds that high inventory pressure is easing at mills, which were found to hold high inventories in the previous round of survey, thanks to production cuts in April and May, though the decline was not obvious.
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It is a traditionally off-demand season from June to July, the stainless steel market is not expected to turn around in the short term, SMM notes, despite of small decline in inventories. Price rise this past week is normal rally on its downward track.
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