SHANGHAI, Mar 8 (SMM) - Stainless steel prices soared by over 1,800 yuan/mt yesterday, while LME nickel gained more than 25% and SHFE nickel climbed above 200,000 yuan/mt.

The stainless steel futures prices showed a downward trend last week. Due to the influence of market news, the SS contract prices rose slightly in the middle of the week, but then edged down due to market pessimism.

The stainless steel market pessimism remained last week. The prices of most ferrous products like rebar and non-ferrous metals declined. The stainless steel futures and spot prices fell to varying degrees, with prices falling by nearly 1,000 yuan/mt. The prices of stainless steel have trended lower.

China's stainless steel imports were 224,000 mt in April, an increase of 10.13% month-on-month and 95.9% year-on-year; exports (excluding stainless steel products) were 410,500 mt, an increase of 24.85% month-on-month and 31.09% year-on-year. The total stainless steel exports were 498,400 mt.

The low-end traded prices of #304 cold-rolled products stood at 15,700-15,800 yuan/mt. Commodities prices surged on Thursday evening with nickel leading price gains.

The nickel industry is in the limelight in the non-ferrous metals commodities market since 2020, as demand and supply fundamentals have become more volatile.

According to SMM survey, the domestic stainless steel output in February totalled about 2.45 million mt, down 217,600 mt or 8.2% month on month, but up nearly 36% year on year as the pandemic took a toll on output in the same period of last year.

China will impose anti-dumping duties on stainless steel from the EU, Japan, South Korea and Indonesia from Jul 23

Exports declined 6.13% from a year ago to stand at 596,800 mt in Jan-Apr

Lower output of chromium-manganese and chromium series stainless steel accounted for the decline