Chinese stainless steel prices dived over the past week amid a sustained downtrend for nickel futures on the London Metal Exchange.
The
three-month nickel contract on the LME ended Wednesday November 20's trading session at $14,350-14,375 per tonne, down $4,100 per tonne from a five-year high of $18,450-18,475 per tonne on September 2.
Domestic
Fastmarkets' weekly price assessment for
stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 14,800-15,400 yuan ($2,104-2,189) per tonne including value-added tax for the week ended Wednesday, down 100 yuan per tonne from
a week earlier.
Some traders cut their prices to generate more sales due to their pessimistic outlook for stainless steel prices, sources said.
The decline in the price of nickel pig iron, a major...