The world stainless steel market is fluctuating. While prices in China fell sharply because of falling steel material prices, prices in the US soared to their highest level in nearly a decade when the market suddenly turned from oversupply to undersupply.
On March 4, on the Shanghai floor, the price of stainless steel in May 2021 fell sharply by 6% to 13,990 CNY (2,162.09 USD) / ton after information from Tsingshan showed that nickel supply has gradually stabilized. .
Stocks of stainless steel (grade 304) in China last week increased by 15.38% from the previous week, to 520,500 tons, according to information from the company Mysteel.
Prices of other steel products on the Shanghai floor are in a state of “sideways”, according to which rebar price today fell 0.2% to CNY 4,834 / ton, while HR coil inched 0.1% up. 5,012 CNY / ton. Iron ore prices on the Dalian floor increased 2% to CNY 1,175 / ton, imported iron ore 62% price 176.5 USD / ton.
Continuously plunging from February 24 to now, within a week, nickel prices have lost about 12%. On the London floor, the reference nickel contract price is currently at a 10-week low. On the afternoon of March 4 in Vietnam time, the price of nickel delivered after 3 months on the LME floor sometimes dropped to only $ 16,555 / ton, the lowest since December 23, 2020.
Nickel is an important raw material in the manufacture of stainless steel and a number of other industrial applications.
On the Shanghai bourse, June nickel futures fell 6% to CNY 130,510 / ton, the biggest drop since May 2000.
China Nickel and Stainless Steel Group, Tsingshan Holding Group, announced it will supply 100,000 tons of nickel plates to Huayou Cobalt and battery material maker CNGR Advanced Material. This information shows that the nickel market has turned from a state of shortage to equilibrium.
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