China’s stainless steel prices decline amid weakness in nickel futures

Chinese stainless steel prices, in both the domestic and export markets, fell over the past week amid declines in nickel futures as a result of weakness in broader markets.

The US stock market experienced pronounced weakness over the past week, which in turn led to falls in commodity futures prices.
The Nasdaq Composite Index closed at 11,141.56 on Wednesday September 9, down by 914.88 points (7.58%) from a close of 12,056.44 on September 2.
The three-month nickel contract on the London Metal Exchange ended Wednesday’s official trading session at $14,853 per tonne, down by $818 per tonne (5.2%) from $15,671 per tonne a week earlier.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,700-15,300 yuan per tonne, down by 100-200 yuan per tonne from a week earlier
The weaker nickel futures led to a slight drop in stainless steel prices, but did not reduce buying interest.

“Buyers kept their up regular procurement to meet their...

Published

Jessica Zong

September 10, 2020

07:57 GMT

Shanghai