China’s stainless steel prices rise on nickel gains, but demand still subdued

China’s stainless steel prices moved up over the past week on recent gains in the nickel market, but soft demand tempered expectations of any further increases.

The three-month nickel contract on the London Metal Exchange ended its official trading session at $12,313 per tonne on May 7, up by $459 per tonne from $11,854 per tonne on May 5, the lowest point so far this month.
The contract has shed some of those gains - it ended Wednesday May 13 at $12,275 per tonne - down by $38 per tonne - but it continued to lend strength to the stainless steel market in China, sources said.
Domestic
Fastmarkets’ weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in Wuxi was 13,500-13,900 yuan ($1,903-1,960) per tonne including value-added tax on Wednesday May 13, up by 600 yuan per tonne from a week earlier.

“The price surge didn’t stimulate any buying interest, which indicates that...

Published

Jessica Zong

May 14, 2020

05:15 GMT

Shanghai