Chinese stainless steel prices were mostly stable over the past week despite sluggish buying interest, sources told Fastmarkets on Wednesday May 20.
Market participants said producers were unwilling to provide significant discounts due to the higher cost of raw materials, particularly nickel, a major component of stainless steel.
The
three-month nickel contract on the London Metal Exchange has averaged $12,147 per tonne so far in May, compared with $11,824 per tonne in April.
Domestic
Fastmarkets' weekly price assessment for
stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in Wuxi was 13,400-13,900 yuan ($1,887-1,958) per tonne including value-added tax on Wednesday May 20, widening downward by 100 yuan per tonne from 13,500-13,900 yuan per tonne
a week earlier.
Some sellers lowered their prices but did not have...