Chinese stainless steel prices dip ahead of Lunar New Year

China’s stainless steel prices decreased slightly ahead of the upcoming January 24-30 Chinese New Year holiday amid sluggish trading due to a segment of the market already starting their breaks well in advance.

“Producers made minor adjustments to their stainless steel prices, if any at all, because the price of nickel has been mostly stable with only minor movements,” a steel processor source in eastern China said.
The three-month nickel contract on the London Metal Exchange has averaged $14,001 per tonne so far this month compared with $13,851 per tonne in December.
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 13,800-14,700 yuan per tonne including value-added tax on Wednesday January 15, widening downward by 100 yuan per tonne from a week earlier.

Participants and truck drivers have gradually exited the market ahead of...


Jessica Zong

Lee Ken Kiat

January 16, 2020

07:10 GMT