Market participants said that stainless steelmakers were limited in their ability to slash prices any further because of the recent stability in the price of nickel.
The three-month nickel contract on the London Metal Exchange
has remained rangebound at $11,000-11,500 per tonne since mid-March.
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 12,000-12,700 yuan ($1,699-1,798) per tonne including value-added tax on Wednesday, narrowing downward by 100 yuan per tonne from 12,000-12,800 yuan per tonne a week earlier
China’s domestic stainless steel prices have fallen to their lowest in 32 months. They were at 11,800-12,500 yuan per tonne on July 12, 2017, according...