According to sources, Chinese stainless steel futures jumped 4.1% to RMB 18,500/t ($2,860/t) for Oct’21 delivery owing to supply tightness. The rise in futures prices can be attributed to the following reasons:
- Hike in prices of nickel due to supply crunch, with the nickel contract on the Shanghai Futures Exchange rising more than 2.5% in morning trade.
- Supply concerns owing to strict electricity regulations in some regions imposed by provincial governments in China.
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