Chinese stainless steel prices rise again, but participants see near-term pause

China’s domestic stainless steel prices rose in the week ended Wednesday June 16, building upon gains accrued since late May, but market participants expect the upward momentum to halt in the near term.

One reason behind this bearish view is the weakness exhibited in nickel futures in recent days.
The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $17,519 per tonne, down by $803 per tonne (4.4%) from $18,332 per tonne last Friday.
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 16,600-17,200 ($2,593-2,687) per tonne, up by 100-200 yuan per tonne

A major steel mill in eastern China increased supply of stainless steel to the...


Jessica Zong

June 17, 2021

03:10 GMT