Chinese stainless steel prices plummet on downtrending nickel

November 15, 2019 / www.metalbulletin.com / Article Link

Chinese stainless steel prices plunged over the past week, tracking losses experienced by nickel futures on the London Metal Exchange.

The three-month nickel contract on the LME ended Wednesday November 13's trading session at $15,515-15,520 per tonne, down $810 per tonne from a week earlier. The contract on Monday fell below $16,000 per tonne for the first time since late August. Since that day, it has remained rangebound at $15,000-16,000 per tonne.DomesticFastmarkets' 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 14,900-15,500 yuan ($2,122-2,208) per tonne including value-added tax for the week ended Wednesday, down...

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