Weak Q1 2012 GDP data from China did little to boost sentiment in the already fickle global economy. With stainless steel demand in Japan subdued through March and April as car makers requirements dipped before new models are introduced, prices suffered from weakening fundamentals. Falling nickel prices and weakening demand resulted in falling prices. MBR does not expect nickelprices to continue to slide considerably in the coming months despite signs of slowing demand for flat-rolled stainless steel products in the USA. Support will be provided by a strengthening of Chinese demand resulting from its expansionary monetary policy. Production cuts by yards in China will go some way to restricting supply providing support for nickel and in turn stainless scrap price levels.
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