Chinese stainless steel prices decline amid nickel losses, coronavirus pandemic

Stainless steel prices in China fell over the past week amid lower raw material costs and a worsening novel coronavirus (2019-nCoV) pandemic.

A slump in the London Metal Exchange’s nickel price was a major factor that led steelmakers to reduce their asking prices, sources said.
The three-month nickel contract on the LME ended Wednesday March 25’s trading session at $11,251 per tonne, down by $254-259 per tonne from a week earlier. This is also $1,349-1,374 per tonne lower than February 25’s $12,600-12,625 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 12,000-13,000 yuan ($1,691-1,832) per tonne including value-added...


Jessica Zong

Lee Ken Kiat

March 26, 2020

07:30 GMT

Shanghai, Singapore