One reason behind this bearish view is the weakness exhibited in nickel futures in recent days.
The three-month nickel contract on the London Metal Exchange
ended the official trading session on Wednesday at $17,519 per tonne, down by $803 per tonne (4.4%) from $18,332 per tonne last Friday.
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi)
: 16,600-17,200 ($2,593-2,687) per tonne, up by 100-200 yuan per tonne
A major steel mill in eastern China increased supply of stainless steel to the...