BEIJING (Scrap Monster): The Chinese Baoshan Iron & Steel (Baosteel) has announced price cuts for austenitic stainless steel coil products. The cut in export price is on account of falling nickel prices. The company announced that its austenitic stainless coil prices will be reduced by $ 200 per ton.
According to the country's major stainless steel producer, the prices of 304 hot rolled coils with 3 mm thickness will be now at $2,800 per ton FOB for deliveries until early-August. After the hike, the prices for 304 grade cold rolled coils with 2 mm thickness now stand at $3,000 per ton FOB.
The nickel prices in London on Friday fell to lowest levels in almost four weeks. The Nickel cash price has declined by around $3,000 per ton over the past one month.
Baosteel is a state-owned iron and steel company headquartered in the Bao Steel Tower in Pudong, Shanghai, China.