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...