It’s reported that Chinese steelmaker Baosteel announced to cut its export prices for stainless austenitic coils by US$50/ton in order to reflect lower nickel prices.
An official of Baosteel said that the demand has remained unchanged since late February. However, buyers have become more cautious of packing order due to dropped nickel prices.
In February, nickel prices have dropped by around US$1,600/ton from a month ago.
