The price of the most-traded September SHFE nickel contract
has risen since the beginning of this week to reach as high as
76,420 yuan ($11,255) per tonne on Wednesday July 12 –
the highest since July 4. The contract closed 350 yuan higher
at 76,220 yuan on Thursday. "The stainless steel market is
performing better recently and domestic ferrous futures prices
have surged. This led to the latest increase in nickel prices,"
a Beijing-based nickel analyst told Metal Bulletin.
The benchmark grade 304 stainless steel cold rolled coil
price in China had risen 10-13% since mid-June to 13,300-13,700
yuan per tonne on July 6, as assessed by Metal Bulletin.
But market participants...