The Chinese stainless steel market was under pressure over the past week due to high local inventory levels and producers continuing to adjust their asking prices downward in response to the recent decline in the price of nickel, market participants told Fastmarkets.
The three-month nickel contract on the London Metal Exchange has averaged $15,335 per tonne so far in November, as compared with $17,017 per tonne in October.The high inventory level at...