Chinese domestic 304 series stainless steel prices have risen sharply during the past week, while local prices of other stainless steel grades have remained stable.
Global nickel prices have rebounded strongly over the past week, reaching a peak of $14,850/mt during the week. On August 14, the three-month nickel price at the London Metal Exchange (LME) closed at $14,800/mt, while LME nickel inventory on the same date totaled 205,812 mt.
In the past week, local 304 series stainless steel prices in China have risen by a large margin of RMB 700-800/mt (114-131$/mt) the largest week-on-week increase recorded so far in the current year, due to the strong rebound in nickel prices. Meanwhile, product shortages have also been providing support for prices. Traders indicate that the price increases have caused a surge in the volume of inquiries, while it is considered that further room exists for the upward movement of nickel prices. It is thought that the other stainless steel grades which saw stable price movement in the past week will increase during the coming week. Overall, Chinese domestic stainless steel prices are expected to rise in the week ahead.
$1= RMB 6.11