It's reported that Baosteel Stainless, the second largest stainless steel producer in China announced to cut its export prices for austenitic stainless steel coils by 200/ton due to lower nickel prices and sluggish demand. An official of Baosteel Stainless said that this big price cut means that buyers will have limited space for negotiations since the company had cut its export prices by US$100/ton in a month ago. Meanwhile, the nickel prices at London Metal Exchange have decreased substantially by US$1,600/ton over the past month recently.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=63977&division=A1
