Chinese stainless steel sellers lowered their offer prices over the past week to reduce inventories against a bearish outlook for the market.
Weakness in nickel prices on both the London Metal Exchange and Shanghai Futures Exchange led to growing pessimism.
The
three-month nickel contract on the LME ended the official trading session on Wednesday at $17,198 per tonne, down by $504 per tonne (2.8%) from
$17,702 per tonne a week earlier.
The most-traded July nickel contract on the SHFE ended the Wednesday trading session at 125,420 yuan ($19,628) per tonne, down by 7,180 yuan per tonne (5.4%) from 132,600 yuan per tonne a week earlier.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 16,100-16,900 per...