China’s stainless steel market activity drops, pushing down domestic prices

China’s domestic stainless steel prices decreased slightly in the week ended Wednesday October 28 due to softer demand following nickel losses.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,500-15,200 yuan ($2,157-2,261) per tonne, widened downward by 100 yuan per tonne from a week earlier.
The three-month nickel contract on the London Metal Exchange fell steadily from October 22 to Monday and ended Monday’s official trading session at $15,418 per tonne, down by $683 per tonne (4.2%) from $16,101 per tonne on October 21.

The decline in nickel prices resulted in lower buying interest in the stainless steel market because buyers were expecting stainless steel prices to also drop, thus held back from purchasing. But LME nickel prices...

Published

Jessica Zong

October 29, 2020

04:53 GMT

Shanghai