China’s domestic stainless steel prices maintain upward trend

China’s domestic stainless steel prices continued to rise in the week to Wednesday January 5, with sellers coming under less destocking pressure amid expected output cuts.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 17,400-17,500 ($2,732-2,748) per tonne, up by 300-400 yuan per tonne from a week earlier
The supply of nickel pig iron (NPI) - a major raw material for stainless steel production – is set to fall ahead of the February 4-20 Winter Olympic Games amid measures to lower emissions.
As such, market participants expect stainless steel production to also decrease as well.
“This will make the already low inventory of stainless steel even lower in the spot market,” a trader in eastern China said.
He added that several grades of stainless steel had been in tight supply for a week.

Traders raised prices...

Published

Jessica Zong

January 06, 2022

05:02 GMT

Shanghai