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As reported by Yieh.com, the nickel price on the LME rose to $ 18,000 per tonne, and on May 1, China canceled export duty discounts on stainless steel products. Driven by the above factors, prices for European stainless steel sheet rose sharply in early May. In addition, there is an acute shortage of stainless steel products and shipments of many steel mills have been delayed.
The price of 304 stainless steel cold rolled coils in the Nordic domestic market increased by € 200 over the week. Asia is an important source of stainless steel supplies to Europe. The import price of cold-rolled stainless steel coils from Asia to Northern Europe is € 150 higher than at the beginning of April.
The current growth is due to the fact that supply does not keep up with demand. European stainless steel prices were expected to continue to rise in the future.
