As of October 31, China’s total social inventory of stainless steel declined to 989,700 metric tons (mt), marking a 0.85% week-on-week decrease, according to Shanghai Metals Market (SMM) data. Inventory specifics showed that 200-series stainless steel stood at 287,900 mt, down 0.29%; the 300-series at 561,500 mt, down 1.08%; and the 400-series at 140,300 mt, declining by 1.06%.
200-Series: In South China, late October saw substantial production and inflows of 200-series stainless steel, while downstream demand remained subdued. Foshan stainless steel mills reduced supply, resulting in mixed inventory shifts: Wuxi’s cold-rolled stainless stock saw a slight increase, while hot-rolled recorded more substantial buildup, leading to a total inventory rise of 0.68%. Foshan, however, reported inventory destocking, with both cold-rolled and hot-rolled stocks down 0.91%.
300-Series: For the 300-series, shipment arrivals were stable. Downstream demand began the week at moderate levels, though purchasing softened as prices fell, despite active speculative buying by traders. Wuxi reported a 0.88% destocking in cold-rolled and a 0.44% reduction in hot-rolled inventory, totaling a 0.7% decline. In Foshan, destocking was more pronounced, with cold-rolled down by 1.41% and hot-rolled by 2.55%, resulting in an overall drop of 1.64%.
400-Series: Demand for 400-series stainless steel remained steady; however, distribution volumes dropped sharply as stainless steel plants exhausted their pre-allocated resources. Destocking reached 1.02% in Wuxi and 1.13% in Foshan.
Outlook: With supply and demand largely balanced, inventory levels are gradually easing from recent highs. Tightened port arrivals are expected in the coming week, and if demand remains consistent, destocking is likely to continue, underpinning stable market conditions.
(By Commoditiescontrol Bureau; +91-9820130172)
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