Sources told Fastmarkets that the slight decrease in nickel prices also contributed to the lower prices, with the three-month nickel contract on the London Metal Exchange
ending 2019 at $14,075-14,100 per tonne on Tuesday December 31, down $250-255 per tonne from $14,330-14,350 per tonne on December 24.
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 14,100-14,800 yuan ($2,025-2,125) per tonne including value-added tax on Thursday January 2, down 200-300 yuan per tonne from a week earlier
Sellers cut prices because they planned to de-stock before Chinese New Year to ease their capacity pressure, sources said.
Steelmakers kept high production rates while demand gradually dropped and that also...