Lower nickel, high inventory levels exert pressure on China's stainless steel prices

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.
Domestic
Fastmarkets' 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 14,700-15,300 yuan ($2,092-2,177) per tonne including value-added tax for the week ended Wednesday, down 100 yuan per tonne from a week earlier.
 

The high inventory level at...

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold