China’s stainless steel prices decrease on sellers’ need to destock

Chinese stainless steel prices fell in the week ended Wednesday April 21 on sellers’ need to destock and weakness in the nickel market.

The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $16,122 per tonne, down by $135 per tonne from $16,257 per tonne a week earlier.
The most-traded June nickel contract at the Shanghai Futures Exchange closed Wednesday’s trading session at 120,850 yuan ($18,603) per tonne, down by 670 yuan per tonne from 121,520 yuan per tonne a week earlier.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,900-16,000 yuan per tonne, down by 200-300 yuan per tonne.

Trading houses were willing to accept lower prices to generate higher sales volumes and decrease their stainless steel inventories due to...

Published

Jessica Zong

April 22, 2021

06:30 GMT

Shanghai