China’s stainless steel market closes ahead of Lunar New Year holiday
January 31, 2022
China’s domestic and export markets for stainless steel closed this week ahead of next week’s Lunar New Year holiday, but prices were higher in response to gains in nickel. Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 18,300-18,500 yuan ($2,895-2,927) per tonne, up by 400 yuan per tonne from a week earlier. Nickel gains last week were a key factor in pushing up China’s stainless steel prices. The London Metal Exchange’s three-month nickel contract closed the official session at $23,715-23,720 per tonne on Friday January 21, up by $1,800-1,815 per tonne from $21,900-21,920 per tonne on Monday January 17.
(Source: Metal Bulletin)