MYSTEEL: China stainless steel prices to drift lower in May

China's stainless steel market is showing clear signs of a downturn. Weakening cost support, rising supply pressures and a seasonal demand lull are combining to point to a gradual price correction during the remainder of May, Mysteel Global notes.

Support from raw material costs is weakening. Nickel pig iron (NPI) prices have been retreating as the bullish sentiment over Indonesian nickel ore supply concerns has faded after being largely priced in by market participants. On May 19, Mysteel assessed the price of high-grade NPI with 7-13% nickel content in