Market participants said producers were unwilling to provide significant discounts due to the higher cost of raw materials, particularly nickel, a major component of stainless steel.
The three-month nickel contract on the London Metal Exchange
has averaged $12,147 per tonne so far in May, compared with $11,824 per tonne in April.
Fastmarkets’ weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China
in Wuxi was 13,400-13,900 yuan ($1,887-1,958) per tonne including value-added tax on Wednesday May 20, widening downward by 100 yuan per tonne from 13,500-13,900 yuan per tonne a week earlier
Some sellers lowered their prices but did not have...