China’s domestic stainless steel prices rose to their highest in four-and-a-half years over the past week after producers made upward adjustments to their list prices.
Domestic Prices were last at these levels in December 2016, according to Fast markets’ data.
High production costs led stainless steel producers to raise their ex-works prices, sources said.
Costlier nickel is the main contributor of the higher production costs.
“My customers were actively booking the product over the past week because they are worried that a stronger nickel market might push up prices for stainless steel further,” a trader in Wuxi.