China's stainless steel prices drop sharply on weaker demand

China's stainless steel prices fell in both the domestic and export markets in the week ended Wednesday August 11 due to weakening demand and declines in nickel futures.

The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $18,902 per tonne, down by $983 per tonne (4.9%) from $19,885 per tonne on July 30.
China's domestic stainless steel futures have also decreased over the past few days.
The most-traded September stainless steel contract on the Shanghai Futures Exchange closed the Wednesday trading session at 18,220 yuan ($2,810) per tonne, down by 1,775 yuan per tonne from 19,995 yuan per tonne on July 30.
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