China's domestic stainless steel prices up on nickel gains

China's domestic prices for stainless cold-rolled coil increased over the week ended Wednesday December 10, supported by gains in the nickel market and steady end-user demand.

The three-month nickel contract on the London Metal Exchange ended the Wednesday official session at $16,519 per tonne, up by $613 per tonne (3.9%) $15,906 per tonne a week earlier.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 13,300-14,200 yuan ($2,034-2,172) per tonne, up 100-200 yuan per tonne from a week earlier.
Market sources attributed the gains in nickel futures to the developing new energy vehicles (NEV) market in China because the metal is a key component in electric vehicle batteries.

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