Chinese Stainless Steel Prices May Rebound In October

Accordingly, the Chinese stainless steel prices finally rebound for October with the increases of CNY 1,000 per tonne on cold drawn stainless steel round bar and CNY 300 per tonne on stainless hot rolled coils in domestic market, according to Taiyuan Iron & Steel Group, the largest stainless producer in China.

Meanwhile, the Chinese stainless steel mills, Jaway Steel Corporation are expected to hike their domestic prices by nearly CNY 5,00 to CNY 6,00 per tonne for October 2012 due to high costs on LME nickel prices.

However, market sources indicate that the stainless steel bar prices would be expected to go up mildly with negotiable space because most buyers concern the QE3 effect on future steel market even though the inventory of stainless steel remains deficient in downstream and steel processing makers.

Friday 21 Sep, 2012It is reported that the nickel spot prices at LME keep surging by over 10% from early August 2012 up to USD 18,000 per tonne at present, bringing the market confidence for the global stainless steel market. The increasing level will depend on the average nickel prices until the end of September 2012.

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