China's domestic stainless steel prices rose for an eighth week reach their highest since February 19, while export prices too have risen to levels not seen since late last year.
A weakening of the US dollar pushed up prices for commodities, including nickel, which then drove up stainless steel prices, an industry analyst in Shanghai said.
The
three-month nickel contract on the London Metal Exchange ended Wednesday August 19's official trading session at $14,758 per tonne, up by $540 per tonne from $14,218 per tonne a week earlier.
Fastmarkets' weekly price assessment for
nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,030-1,050 yuan per nickel unit on August 14, up by 30-40 yuan per tonne from August 7.
Higher production costs provide support to stainless steel prices.
Domestic