LME nickel dive pushes down China’s stainless steel prices

Declining nickel prices on the London Metal Exchange put China’s stainless steel market under pressure over the past week.

The three-month nickel contract on the exchange ended Wednesday October 24’s trading session at $16,420-16,425 per tonne, down $510-515 per tonne from a week earlier. The contract price is also $2,030-2,050 per tonne lower compared with September 2’s five-year high of $18,450-18,475 per tonne. The most-traded December nickel contract on the Shanghai Futures Exchange closed at 129,970 yuan ($18,370) per tonne on Wednesday, down 2,530 yuan per tonne from a week earlier. Nickel pig iron prices have also fallen amid the weakening nickel market. Fastmarkets’ weekly price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,190-1,220 yuan per nickel unit last Friday, down 50-60 yuan per nickel unit week on week. Domestic Fastmarkets’ weekly price...

Published

Jessica Zong

Lee Ken Kiat

October 24, 2019

06:50 GMT

Shanghai, Singapore