Robust nickel prices appear to be providing some support to East Asia's stainless steel market amid persistently weak demand.
Chinese producers are raising their offers for both stainless cold-rolled coil and hot-rolled sheet due to higher prices for nickel this month, despite soft demand and low bids from buyers.The three-month nickel contract on the London Metal Exchange is averaging at $12,649 per tonne so far this month, compared with an average of $11,459 per tonne in December.Offers for stainless CRC from mills in China, up until Wednesday January 17, were at $2,160-2,300 per tonne cif East Asian ports, up $30-70 per tonne from a week earlier.Bids for stainless CRC were heard at $2,150-2,170 per tonne cif.For China-origin stainless hot-rolled sheet, offers stood at...