The price of 316L stainless steel seamless pipe has dropped to a three-and-a-half-year low, signaling a deepening downturn in the market. In Shanghai, construction steel prices continued their weak decline, with the price falling by 50 yuan per week as of the 17th, reaching 3,590 yuan per ton. 316L stainless steel pipe products are also under pressure, as the price of third-grade rebar in Shanghai is now around 3,500 yuan per ton, down 40 yuan from the previous week. High-quality second-grade rebar is also priced at approximately 3,500 yuan per ton, remaining flat compared to last week. Market participants reported that after mid-week, with a sharp drop in steel futures and the return of rainy weather in some regions, end users have become more cautious, leading to another slight drop in steel prices.
Steel mills have been cutting factory prices, but this hasn't translated into reduced output. Following Baosteel, WISCO, and Shougang, several major steel producers have announced lower ex-factory prices for plates in June, reducing the prices of hot-rolled and cold-rolled steel by 150 to 260 yuan per ton. This reflects growing order pressure among plate manufacturers. Meanwhile, the latest pricing from construction steel producers, including Rizhao and Jiugang—key players influencing market trends—has also seen reductions. According to recent data, China's crude steel production increased by 6.8% in April, with an average daily output of 2.188 million tons, up 2.3% from the previous month. This record-high daily production indicates that steel mills are still operating at full capacity. As supply continues to outpace demand, the imbalance in the steel market remains difficult to resolve. With ongoing production increases, market tensions are expected to persist, adding further downward pressure on prices.
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