China's stainless steel prices fall further on destocking pressure

China's stainless steel market maintained its downward trend in the week to Wednesday March 17 amid pressure on sellers to reduce their inventories.

Nickel prices failed to recover from the steep plunge at the start of this month, which kept sentiment bearish in the stainless steel market.
The three-month nickel contract on the London Metal Exchange ended the official session on Wednesday at $16,047 per tonne, down by $33 per tonne from $16,080 per tonne a week earlier. The contract is now $2,628 per tonne (14.1%) lower than on March 1, when it was at $18,675 per tonne.
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