- Indonesian nickel ore premiums stay high at $24-25/t
- Inquiries pick up but some buyers remain on sidelines
SteelDaily: China’s Tsingshan Steel, one of the world’s largest stainless steel producers, has increased its stainless steel prices for August, reflecting sustained strength in raw material markets and rising manufacturing costs.
Tsingshan has set its August futures reference prices for 304 and 316L hot- and cold-rolled stainless steel at RMB 12,600/t ($1,757/t) and RMB 24,300 /t ($3,388/t), respectively, an increase of RMB 200/t ($27/t) compared with the previous announcement.
Premiums for Indonesian nickel ore remain elevated at $24-25/t, while nickel pig iron prices climbed up to around RMB 950/t ($132/t). Rising input costs across the steelmaking chain have prompted Chinese stainless steel mills to adjust their prices upward.
Following Tsingshan’s announcement, there has been a noticeable uptick in purchase inquiries, although some downstream buyers, facing higher costs, are reportedly adopting a wait-and-watch stance before committing to large purchases.
The key focus remains on whether downstream demand sectors — such as construction, machinery, and consumer goods — can absorb the higher prices without triggering a slowdown in orders.
Note: This article has been published in accordance with a content exchange agreement between SteelDaily and BigMint.
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