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BEIJING- Chinese stainless steel futures dropped on Wednesday to their lowest in more than three months, dented by sluggish downstream demand and easing raw material prices.
The most actively traded stainless steel on the Shanghai Futures Exchange, for January delivery, was down 3.6 percent at 16,180 yuan ($2,546.91) a ton. Earlier in the session, it fell as much as 4 percent to 16,120 yuan, the lowest since Sept. 2.
“Planned stainless steel production for December is considerable, but downstream demand is weak,” analysts with GF Futures wrote in a note, adding that lower ferrochrome and stainless steel scrap prices also reduced costs at mills. — Reuters
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