Driven by stronger nickel prices and China’s stainless steel market, the prices of cold-rolled stainless steel in Asia rose last week. Coupled with the improved market sentiment, the base price of 304 cold-rolled stainless steel in Asia hiked by US$15 in a week.

LME nickel price rebounded to above the US$20,000/ton level last week. The nickel price settled at US$20,175-20,180/ton on December 23.

Due to the continuous price bounce in China’s domestic market, the price before the Lunar New Year was expected to be more stable. Besides, the current low level of the inventory will also keep supporting the spot market and the demand for raw materials.