China’s domestic stainless steel prices flat amid weak demand; export prices drop

China’s domestic stainless steel prices were unchanged over the past week amid weak demand, but export prices fell due to a depreciation in the yuan.

The Chinese currency was pegged at 7.1092 yuan per $1 on Wednesday May 27, compared with 7.0956 yuan to $1 a week earlier.
The mixed performance by stainless steel prices comes amid an unclear trend in the price of nickel, a Southeast Asian buyer said, citing the example of a price rally last week that ultimately faltered after several days.
The three-month nickel contract on the London Metal Exchange spiked to a 10-week high of $12,827 per tonne on May 21, an increase of $791 per tonne from $12,036 per tonne on May 18. The contract stood at $12,210 per tonne on Wednesday, down by $617 per tonne from the May 21 peak.
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Published

Jessica Zong

May 28, 2020

06:52 GMT

Shanghai