China's stainless steel prices fall on slow return of demand

China's domestic and export prices for stainless steel dropped over the past week due to a delayed resumption of downstream industries.

Some stainless steel mills have resorted to cutting production due to the weak demand after an extended Chinese New Year break as a result of the novel coronavirus (2019-nCoV) outbreak in China, but market inventory levels continued to rise gradually. This weighs on prices for stainless steel products.
A segment of the market does not expect prices to drop further because mills production costs have exceeded the amount they are selling their products at.
The three-month nickel contract on the London Metal Exchange ended Wednesday's trading session at $12,800-12,805 per tonne, up $440 per tonne from $12,360-12,365 per tonne a week earlier.
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