Spot Stainless Steel Prices Drop in March on Slack Demand

SHANGHAI, Apr 13 (SMM) - Spot stainless steel prices kept declining in March, with a monthly fall of nearly 1,600 yuan/mt. On the supply side, the total stainless steel output in China dipped 5.58% from February, of which the output of 300-series fell about 7.69% MoM, because of the stainless steel mills’ production cuts in the month.  The output in February stood high, driving the overall supply in March up to a high level. On the demand side, the downstream companies were cautious about restocking and focused on easing their inventory pressure. Orders placed by the terminal sectors decreased MoM in March. The overall stainless steel demand did not pick up significantly, resulting in a supply surplus in March.