China's domestic and export prices for stainless steel increased over the past week on strengthening demand and gains in the nickel market.
The
three-month nickel contract on the London Metal Exchange ended Wednesday July 29's official trading session at $13,809 per tonne, up by $549 per tonne from $13,260 per tonne on July 22.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 13,600-14,100 yuan ($1,926-1,998) per tonne, up by 100 yuan per tonne from
a week earlier.
Stainless steel buyers raised their procurement rates in response to an increase in the number of orders for their end-products, market sources said.
Rising nickel prices also stimulated buying interest, a trader in Wuxi said.
The Tsingshan Group and Delong...