Cold rolled stainless steel prices rose in Asia, driven by stronger nickel prices and China's stainless steel market. 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 jump in the Chinese domestic market, the price was expected to be more stable before the New Year. Moreover, the current low level of inventories will continue to support the spot market and raw material demand.
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