Chinese stainless steel prices plummet on downtrending nickel

Chinese stainless steel prices plunged over the past week, tracking losses experienced by nickel futures on the London Metal Exchange.

The three-month nickel contract on the LME ended Wednesday November 13’s trading session at $15,515-15,520 per tonne, down $810 per tonne from a week earlier.
The contract on Monday fell below $16,000 per tonne for the first time since late August. Since that day, it has remained rangebound at $15,000-16,000 per tonne.

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 14,900-15,500 yuan ($2,122-2,208) per tonne including...


Jessica Zong

Lee Ken Kiat

November 14, 2019

11:05 GMT