Chinese stainless steel prices steady amid quiet pre-Lunar New Year market

China’s stainless steel prices were flat over the past week amid thin trading ahead of the January 24-30 Lunar New Year holiday in the country.

The largely rangebound nickel price on the London Metal Exchange also contributed to the stability of the stainless steel market, market participants told Fastmarkets.
The three-month nickel contract on the exchange ended Wednesday’s trading session at $13,730-13,750 per tonne. The contract has largely traded within the $13,500-14,500 range since early December.
Domestic
Fastmarkets’ weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China, in the country’s major market of Wuxi was 13,800-14,700 yuan ($1,995-2,125) per tonne including value-added tax on Wednesday January 22, unchanged from a week earlier.

Trading was sparse ahead of the Chinese New Year break, which resulted...

Published

Jessica Zong

Lee Ken Kiat

January 23, 2020

07:07 GMT

Shanghai, Singapore