Baosteel Slashes Prices of Stainless Austenitic Coils

In the wake of rapid decline in Nickel prices over a month, China steel major Baosteel has been forced to slash down the export prices of its Stainless Austenitic Coils by $ 50 per tonne.

The move has been made to sustain the export orders and to adjust the prices according to the decline in the value of Nickel.

Nickel has declined from levels of almost $ 18700 per tonne levels to current levels of $ 17263 per tonne, down 8.3%.

The metal has seen a tough last few years due to lower stainless steel demand and higher supplies in China and other world markets.

The decline in demand of Europe that is a world major consumer has battered Nickel considerably. The prices were in the region of $ 25125 per tonne in August 2011, its peak of last two years. [Via]

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