It’s reported that Baosteel Stainless, the second largest stainless producer in China announced to cut its domestic prices for stainless steel coils by RMB200~RMB1,000/ton for May deliveries due to lower nickel prices.

The company decided to reduce its domestic prices for 304 grade hot rolled coils and cold rolled coils by RMB800/ton and RMB1,000/ton respectively.

Also, it decreased its domestic prices for ferritic cold rolled coils by RMB200/ton.

Meanwhile, an official of Baosteel Stainless said that market prices have slid due to lower nickel prices.