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Stainless steel prices still need nickel price support due to sluggish demand

11 Sep 2019 16:37 reported by Andrew Zhang

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Affected by Indonesia's exporting ban, LME nickel price rose sharply at the end of August and was stable at US$18,000/ton now. It also led to stainless steel prices not to continue to rise significantly.

Some market participants thought that the nickel price led to prices rising of stainless steel mills in September, but the actual transaction prices have not increased significantly. The main reason was that the market demand was sluggish in August and September.

Stainless steel buyers were expected to adjust their purchasing strategies after the Mid-Autumn Festival to avoid the risk that nickel prices will continue to rise in October.

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