SHANGHAI, Jul 25 (SMM) – Prices of #300 series stainless steel slid after prices of nickel, a raw material to produce stainless steel, retreated from highs in the week to Thursday July 25. 

The market took a pessimistic outlook on stainless steel prices as sluggish downstream demand and cash-in inclination at the end of a month may continue to drive sellers to cut offers.

As of Wednesday July 24, offers of #304 cold-rolled coil stood at 15,000-15,100 yuan/mt and that of #304 hot-rolled coil at 14,350-14,450 yuan/mt in Wuxi, both down 100-200 yuan/mt from last Friday. 

SMM assessment showed that price rally of stainless steel last week, bolstered by surged nickel prices, improved margins of #300 cold-rolled stainless steel to a high of 800 yuan/mt, based on in-plant stocks at producers.