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High nickel cost keeps stainless steel prices high in Asia
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Asian stainless steel prices are expected to remain at current high levels for some time unless the nickel price drops to under US$30,000/ton. The price of 200 series stainless steel has seen a sharp drop in the China market due to the increase in supplies from India over the last 2 weeks. The price of 300 series stainless steel is very closely related to the nickel price as it has a high nickel content. And with the nickel price remaining at high levels, it is currently not possible to reduce prices. The market has currently slowed down and many buyers are waiting to see what the nickel price will do before buying. Buyers and sellers are holding off because of the high price and low demand in the 300 series market. As long as the nickel price stays at current high levels, the 300 series stainless prices will also keep at high levels. (Nov. 24)
News Date
11/24/2006 10:13:49 AM
reported by
Ellen Huang
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