China's domestic stainless steel prices rise to 3.5-year high

China's domestic stainless steel prices rose surged to their highest in three-and-a-half years in the week to Wednesday February 24 amid a soaring nickel market and recovering demand.

The three-month nickel contract on the London Metal Exchange ended Wednesday's official trading session at $19,402 per tonne, up by $1,547 per tonne - or 8.66% - from $17,855 per tonne on February 1.
Fastmarkets' price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,140-1,160 yuan ($176-180) per nickel unit tonne on February 19, up by 5-10 yuan per nickel unit tonne from a week earlier.
A major stainless producer in eastern China has also raised its purchase price for NPI to 1,210 yuan per nickel unit tonne on Wednesday, market sources told Fastmarkets.
Domestic

Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 16,000-16,900 yuan per tonne, up by 1,000-1,100 yuan per tonne from February 3.
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