Influenced by strong nickel prices in the Chinese stainless steel market, cold rolled stainless steel prices in Asia rose last week. With the improving market mood, the base price of 304 cold rolled stainless steel in Asia increased by US$15 in one week.
LME nickel price recovered last week and climbed above US$20,000/ton. Nickel price settled at US$20,175-20,180/t on December 23.
Due to the continuous price increase in the Chinese domestic market, the price was expected to be more stable before the new year. Moreover, the current low level of inventories seems to continue to support the spot market and raw material demand.
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