Export prices for Chinese stainless steel declined week on week despite the higher cost of nickel after suppliers lowered their asking prices in response to poor demand, market sources said.
Concerns about Indonesia potentially bringing forward its ban on unprocessed nickel ore exports continued to provide support for nickel prices.The three-month nickel contract on the London Metal Exchange has averaged $15,518 per tonne so far in August, compared with the July price average of $13,515 per tonne.Stainless cold-rolled coil Fastmarkets' weekly export price assessment for stainless steel cold-rolled coil, 2mm grade 304, fob China was $1,950-1,990 per tonne on Wednesday August 28, down by $10-30 per tonne from last week. "Suppliers found that...