China’s domestic stainless steel prices edge up but sentiment bearish

China’s domestic stainless steel prices rose slightly this past week on a pick-up in demand, but market participants do not expect further gains due to weakening nickel prices and declines in stainless steel futures.

The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday April 14 at $16,257 per tonne, down by $474 per tonne (2.8%) from $16,731 per tonne a week earlier.
The most-traded June nickel contract on the Shanghai Futures Exchange closed Wednesday’s trading session at 121,520 yuan ($18,593) per tonne, down by 4,480 yuan per tonne (3.6%) from 126,000 yuan per tonne a week earlier.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 15,200-16,200 yuan per tonne, up by 100 yuan per tonne

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Published

Jessica Zong

April 15, 2021

05:02 GMT

Shanghai