Nickel prices in the London Metal Exchange (LME) have reached the level of $17,985/mt for cash settlements as of yesterday, April 17, maintaining its uptrend since last week, after reaching $17,400/mt last Friday.
In line with the upward movement of nickel prices, Chinese steel producers
TISCO and
Baosteel have announced increases in their 300 series
stainless steel prices. Moreover,
Chinese domestic 304 series stainless steel prices have also indicated upticks in the past week.
On the other hand, import offers from the Far East to
Turkey for ready stock prime quality 304/2B
stainless steel cold rolled coil (CRC) of 2.0 mm thickness have remained unchanged since last week at $2,500-2,600/mt CIF. Market sources state that
stainless steel demand in
Turkey lacks robustness, though prices may continue to rise in the weeks to come in line with higher nickel prices.