Chinese stainless steel export prices have increased, after producers returned from the Golden Week holiday to find production costs rising due to a surge in nickel prices, market sources told Fastmarkets this week.
The three-month nickel contract on the London Metal Exchange has averaged $17,560 per tonne so far in October, compared with August's average of $15,661 per tonne. Market participants in China were on vacation from October 1-7 to mark the 70th anniversary of the People's Republic of China.The surge in the LME nickel price resulted from Indonesia's announcement of a ban on nickel ore exports in September.Stainless cold-rolled coil Fastmarkets' weekly export price assessment for stainless steel cold-rolled coil, 2mm grade 304, fob China, was $2,030-2,080...