Downstream growth in China boosts stainless steel prices

摘要

China’s domestic and export prices for stainless steel increased sharply over the past week after the country’s National Bureau of Statistics (NBS) releasing positive data for downstream sectors. China’s manufacturing purchasing managers’ index was 51.1 points for July, up by 0.2 points from June, according to the NBS. This is the fifth month that the index has been above 50%, which indicates growth in the sector. Nickel gains provided additional support to stainless steel prices. The three-month nickel contract on the London Metal Exchange ended Wednesday August 5’s official trading session at $14,287 per tonne, up by $478 per tonne from $13,809 per tonne on July 29. Fastmarkets’ weekly price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was at 990-1,000 yuan per nickel unit on July 31, up by 30 yuan per tonne from July 3.