China stainless steel export prices dip on poor demand, nickel slide

Export prices for Chinese stainless steel edged have downward over the week ended Tuesday September 17 amid poor demand after the price of nickel tumbled from a five-year high attained earlier in the month.

The three-month nickel contract on the London Metal Exchange ended Tuesday’s trading session at $16,925-16,950 per tonne, compared with $17,980-18,000 per tonne a week earlier. The price of nickel, 3 months, LME Daily Official, rebounded slightly to $17,100-17,120 per tonne on September 18.
The decline in the LME nickel price was attributed to the pricing-in of bullish factors, and fears that nickel exporters in Indonesia could rush to sell as much nickel ore as possible, using available export quotas that have already been issued for this year.
Stainless cold-rolled coil

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Lee Ken Kiat

September 18, 2019

15:18 GMT