SHANGHAI, Sep 3 (SMM) – Spot prices of #300 and #400 stainless steel extended their increases on Tuesday September 3 as prices of nickel, raw material to produce stainless steel, surged this week after advanced Indonesia export ban sparked fears of ore supply disruption.
As of Tuesday September 3, quotes of #300 series in Wuxi of Jiangsu province climbed 100-300 yuan/mt on the day, extending a rally of 400-550 yuan/mt on Monday.
Relatively tight supply also helped fuel the rebound in prices of #400 series, which grew an average 100 yuan/mt from last Friday to stand at 8,000-8,100 yuan/mt in Wuxi as of Monday September 2
Prices of stainless steel scrap also moved higher on stable purchases, with strong performance expected in the near term.
SMM assessed that prices rose 300-400 yuan/mt from last Friday to stand at 10,450-10,700 yuan/mt for #304 stainless steel casting scrap and at 9,900-10,100 yuan/mt for thin scrap materials.