China's domestic stainless steel market has witnessed a strong rebound in prices of 304 series products during the past week, while other stainless steel product prices have moved sideways.
Global nickel prices have risen sharply during the past seven days. On April 15, the three-month nickel price at London Metal Exchange (LME) closed at $17,345/mt, while LME nickel inventory on the same date totaled 278,514 mt.
The strong rise in global nickel prices has boosted sentiment in the domestic nickel and stainless steel markets in China .Chinese stainless steel mills have increased their quotations for 304 series products, while supply volumes of 304 series products have slackened in the domestic market. As a result, prices of the products in question have risen by about RMB 800-1,500/mt in the past week. Some domestic mills have chosen to halt sales in anticipation of increased prices in the coming period. It is thought that, as prices of 304 series products have risen very rapidly, there could be a risk of a correction in the week ahead. Generally, however, it is thought stainless steel prices in China will just move up slightly in the coming week.
Local Chinese stainless steel market impacted by surge in nickel prices
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