Major Stainless steel products price for August to remain flat

BEIJING (Scrap Monster): Major stainless steel producers have decided to keep the product prices unchanged for the month of August. The August ’14 domestic list prices for various grades will remain flat.

The major Chinese stainless steel producer –Baosteel Stainless has announced the domestic price list for August. According to the company press release, the prices of 304 grade cold rolled coils for August will see a cut of RMB 1,400 per ton. The company has also decided to lower the prices of 304 grade hot rolled coils by RMB 1,400 per ton. Meanwhile, 400 grade stainless steel product prices will remain unchanged.

Also, Korean steelmaker-Posco Specialty Steel has announced that the domestic prices for austenitic stainless wire rods and bars for August will continue to remain unchanged. The company has decided to keep the prices flat despite rise in nickel prices. LME Nickel prices have increased by nearly $400 per ton during the past one month period.