The current low levels of stainless steel inventories both within China and abroad have provided strong support for stainless steel prices, while flat supply and demand have not contributed to the rise in nickel prices.
Stainless steel prices in Shanghai yesterday (May 9) rose against the trend in nickel prices. Stainless steel prices moved sluggishly due to the uncertainty of the COVID-19 epidemic. Social inventory continues to build up, but downstream sales are relatively weak, indicating an oversupply situation.
According to the current raw material prices, the production cost of steel mills and sales prices are completely opposite, and even some steel mills have already suffered marginal losses. Therefore, some steel mills already in May began to arrange production cuts and repairs.
Stainless steel prices rise amid nickel price trend
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