Chinese stainless steel prices steady despite soft demand, rising nickel cost

Stainless steel prices in China were mostly stable over the past week despite soft demand and recent gains in the price of nickel, sources said.

The three-month nickel contract on the London Metal Exchange has averaged $12,707 per tonne so far in June, compared with $12,204 per tonne in May.
Fastmarkets’ weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in Wuxi was 13,300-13,800 yuan ($1,870-1,941) per tonne including value-added tax on Wednesday June 3, down by 100 yuan per tonne from 13,400-13,900 yuan per tonne a week earlier.
Demand remained stable but weak, which weighed on stainless steel prices.
Trading houses do not have a lot of inventory, so they are unlikely to cut prices further in the next 2-3 days, sources said.

But stainless steel mills have stock in...


Jessica Zong

Lee Ken Kiat

June 04, 2020

05:42 GMT