A gradual increase in end-user demand kept domestic stainless steel prices in China from falling further in the week ended Wednesday August 18.
Nickel and stainless steel futures also experienced small changes during the week, which helped to keep spot stainless steel prices stable.
The
three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $19,012 per tonne, up by $110 per tonne from $18,902 per tonne
a week earlier.
The most-traded September stainless steel contract on the Shanghai Futures Exchange closed at 18,120 yuan (2,794) per tonne on Wednesday, down by 100 yuan per tonne from 18,220 yuan per tonne a week earlier.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 18,900-19,200 per tonne, unchanged
End users started to raise their procurement rates after prices stabilized during the week.
"The previous high prices gave downstream factories no profit," a...