“Demand for stainless steel in China usually falls in the summer months starting in June, possibly due to weaker downstream demand,” a trader in East China said.
“With the price of nickel trending downward, stainless steel prices are expected to follow in the same direction,” the trader added.
Nickel market analysts attending Fastmarkets’ seventh International Nickel Conference were also bearish on the outlook for the LME nickel price in 2019
due to various macroeconomic headwinds including the trade dispute between the United States and China and the United Kingdom’s planned departure from the European Union.
The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday June 5 at $11,790-11,800 per tonne, down...