China’s stainless steel prices rise amid strengthening demand in Asia

China’s domestic and export prices for stainless steel increased over the past week on strengthening demand and gains in the nickel market.

The three-month nickel contract on the London Metal Exchange ended Wednesday July 29’s official trading session at $13,809 per tonne, up by $549 per tonne from $13,260 per tonne on July 22.
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 13,600-14,100 yuan ($1,926-1,998) per tonne, up by 100 yuan per tonne from a week earlier.
Stainless steel buyers raised their procurement rates in response to an increase in the number of orders for their end-products, market sources said.
Rising nickel prices also stimulated buying interest, a trader in Wuxi said.

The Tsingshan Group and Delong...


Jessica Zong

July 30, 2020

07:50 GMT