China’s stainless steel prices down on nickel losses

China’s domestic stainless steel prices fell in the week ended Wednesday November 4, with the market tracking weakness in nickel futures.

The three-month nickel contract on the London Metal Exchange fell steadily over the past week and ended Wednesday’s official trading session at $15,422 per tonne, down by $427 per tonne (2.7%) from $15,849 per tonne on October 28.
The most-traded January stainless steel contract on the Shanghai Futures Exchange also dropped over the week, with Wednesday’s closing price of 13,855 yuan ($2,082) per tonne down by 920 yuan per tonne from 14,775 yuan per tonne a week earlier.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,300-15,000 yuan per tonne, down by 200 yuan per tonne from a week earlier.

The...

Published

Jessica Zong

November 05, 2020

07:09 GMT

Shanghai