China’s stainless steel prices surge, but demand falls

China’s stainless steel prices increased sharply in both the domestic and export markets over the week ended Wednesday December 17 on nickel gains, but the increases led buyers to scale down their procurement rates.

The three-month nickel contract on the London Metal Exchange ended Wednesday’s official session at $17,429 per tonne, up by $910 per tonne from $16,519 per tonne a week earlier.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,000-14,900 yuan ($2,143-2,281) per tonne, up 700 yuan per tonne from a week earlier.
Market participants still have a positive outlook for the stainless steel market, at least up till the Chinese New Year in February, though demand has weakened in the past week.

“My customers have sufficient orders of the products they need, so they will restart buying...

Published

Jessica Zong

December 17, 2020

05:15 GMT

Shanghai