Stainless Steel Profits Shrink amid Slumping Finished Product Prices

SHANGHAI, Mar 27 (SMM) - Last week, the stainless steel prices fell as a whole, encouraging the downstream purchases. The mills reduced production intensively due to the low prices, which still failed to curb the prices from dropping. The cost of the RKEF process stood at about 16,557 yuan/mt, and that of the non-RKEF process was around 16,529 yuan/mt. In terms of pure nickel, the futures prices moved rangebound, and the spot prices did not change much. NPI prices plunged on the growing inventory and the traders' dumping of goods. Stainless steel scrap prices also slumped amid pressure from NPI plants and stainless steel mills. Ferrochrome prices ran stably despite the shrinking demand caused by stainless steel mills' production reduction.