Stainless Steel Social Inventory Drops on Falling Spot Prices

SHANGHAI, Mar 27 (SMM) - Spot #304 stainless steel prices crashed last week. Since the stainless steel mills cancelled the price limit, the mills cut their quotes to gain more orders. Market transactions improved, but the agents were less willing to pick up cargoes, pushing up the social inventory. Orders from downstream companies grew somewhat last week, thus the traders’ inventories declined. The amount of hot-rolled coils shipped to the market by a stainless steel mill in east China decreased compared with the previous week, and the market supply dropped slightly WoW. The overall 300-series stainless steel social inventory fell rapidly last week.