Rising nickel prices prompted stainless steel prices to pick up
LME nickel prices rebounded from the end of July, the current nickel price has reached USD 10,000 per tonne. Nickel prices rose to prevent the price of stainless steel down from January to June, and also promote the price of stainless steel has rebounded.
Compared with the lowest price before mid-June, the price of stainless steel in China’s domestic market has risen by more than $ 300 per tonne. At the end of August, the price of 304 stainless steel in East Asia rose from $ 1980 per tonne to $ 2,550 per tonne.
In South Korea, since September, 2017, POSCO began to raise stainless steel price, which is the first price increase since January , which also led to the South Korea’s domestic stainless steel prices began to rise sharply. At the end of September, South Korea’s domestic stainless steel prices rose to 2.65 million won per tonne, compared with the beginning of July 225 million won per tonne up 17%.