Nickel losses push down Chinese stainless steel prices, but outlook less bearish

Chinese stainless steel prices dropped over the past week amid a drop in the nickel market, though participants are not too pessimistic for the former for the next week.

The three-month nickel contract on the London Metal Exchange ended Wednesday November 6’s trading session at $16,325-16,330 per tonne, down $525 per tonne from a week earlier. The most-traded December nickel contract on the Shanghai Futures Exchange closed at 130,320 yuan ($18,594) per tonne on Wednesday, down 3,840 yuan per tonne from a week earlier. Domestic Fastmarkets’ weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country’s major market of Wuxi was 15,200-15,800 yuan per tonne including value-added tax for the week ended Wednesday, down 100-300 yuan per tonne from a week earlier. The most-traded February stainless steel contract on the SHFE closed at 14,930 yuan per tonne on...

Published

Jessica Zong

Lee Ken Kiat

November 07, 2019

06:05 GMT

Shanghai