Chinese stainless steel prices hit 7-year high on supply concerns

China’s domestic stainless steel prices rose sharply over the week to Wednesday July 14 on concerns of tighter supply amid growing expectations for mills to cut production.

Gains in the nickel market provided further support to stainless steel prices.
The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $18,698 per tonne, up by $381 per tonne from $18,317 per tonne a week earlier.
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 18,000-18,800 ($2,782-2,906) per tonne, up by 1,000 yuan per tonne
Prices are now at the highest since May 30, 2014, when they were assessed at 18,600-19,000 yuan per tonne.


Jessica Zong

July 15, 2021

02:11 GMT