China’s stainless steel prices continued to rise over the week ended Wednesday January 13 amid a positive outlook for end-user demand and a recovery of the nickel market.
Nickel prices rose this week after Philippine President Rodrigo Duterte ordered the closure of mining operations on Tumbagaan Island in Languyan, in the province of Tawi-Tawi.
The three-month nickel contract on the London Metal Exchange ended Wednesday’s official trading session at $17,731 per tonne, up by $514 per tonne from Monday’s $17,217 per tonne.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 14,600-15,300 yuan ($2,258-2,366) per tonne, up by 200-300 yuan per tonne from a week earlier.
Apart from a strengthening nickel market, steady end-user demand also supported prices for stainless steel products.
