China’s domestic stainless steel prices hit six-month high

China’s domestic stainless steel prices rose for an eighth week reach their highest since February 19, while export prices too have risen to levels not seen since late last year.

A weakening of the US dollar pushed up prices for commodities, including nickel, which then drove up stainless steel prices, an industry analyst in Shanghai said.
The three-month nickel contract on the London Metal Exchange ended Wednesday August 19’s official trading session at $14,758 per tonne, up by $540 per tonne from $14,218 per tonne a week earlier.
Fastmarkets’ weekly price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,030-1,050 yuan per nickel unit on August 14, up by 30-40 yuan per tonne from August 7.
Higher production costs provide support to stainless steel prices.


Jessica Zong

August 20, 2020

07:28 GMT