China’s stainless steel prices stop rising on nickel losses

China’s stainless steel prices lost their upward momentum over the week ended Wednesday December 23 after nickel and stainless steel futures tumbled.

The three-month nickel contract on the London Metal Exchange ended the Wednesday official session at $16,747 per tonne, down by $682 per tonne $17,429 per tonne a week earlier.
The most-traded February stainless steel contract on the Shanghai Futures Exchange ended Wednesday’s trading session at 13,305 yuan per tonne, down by 480 yuan per tonne from 13,785 yuan per tonne a week earlier.
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,000-14,900 yuan ($2,140-2,277) per tonne, unchanged from a week earlier.

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Jessica Zong

December 24, 2020

08:00 GMT