The Price of Asian Stainless Steel Starts to Increase

According to foreign intermediary's report, due to rebound of nickel price and traders overweight inventory, after a week holiday of Chinese New Year, the price of Asian stainless steel starts to increase. By report, transaction price of ss304 cold rolling in this week is 2970-3050 USD/ton; it is higher than 16th of January with 2800-2950 USD/ton. The price of ss304 hot rolling is 2800-2920 USD/ton which is higher than 16th of January with 2700-2750 USD/ton. A Chinese stainless steel exporter mainly supplying Korea and Taiwan says, "Because traders have very low inventory and nickel price is rebounded, they would like to increase inventory, I thought that demand might increase after Spring Festival. Furthermore, stable terminal demand will contribute to support price. " Wednesday, LME three months official nickel price is 20980 USD/ton which is 8.7% higher than 16th of January with 19305 USD/ton. A Korean importer from Seoul mainly importing stainless steel from Korea and Taiwan says, "The price in Korean market is still no change, due to buyers receive discounted price from Pohang, though we thought that price in Korea will no long to reduce, we have increased our inventory." In the beginning of January, price of Asian stainless steel is rebounding. Source: steeljs.net