| Closing Price | Quote Change | Trading Volume | Open Interest | |
| LME Nickel | 26830 | -0.78% | 1039 | 136726 |
| SS Price | 16955 | +1.28% | 41355 | 33854 |
| Shanghai Nickel | 213510 | +2.01% | 44675 | 42564 |
The stainless steel and nickel price indexes continued to strengthen this week, closing up 1.28% to US$2500/MT in 304 night trading.
At present, the inventory in China's stainless steel market is still at a high level, the consumption of social inventory is insufficient, and the performance of market demand has not met the expectations of traders, resulting in pressure to rise in prices.
For 400 series stainless steel, market transactions are still in a sluggish state, merchants are facing high inventory pressure, but steel mills have a strong willingness to raise prices, and merchants' shipment confidence is frustrated.
However, 400 series stainless steel is a major consumer of downstream small household appliances. After the export orders gradually recover in the second quarter, it may boost the motivation for procurement and production. From the three perspectives of home appliance export and home appliance consumption stimulation and engineering project operation, the pull of stainless steel demand in early March may usher in an inflection point for 400 series stainless steel.
Outokumpu has recently announced that it has completed the divestment of the majority of its stainless long products business to Italian steel processor Marcegaglia and the company is now able to focus entirely on stainless flat products and On the core business of ferrochrome.
The total consideration of this transaction is 228 million euros. The stainless steel long product business sold includes the smelting and bar business in Sheffield, UK, the bar steel business in Richburg, USA, and the wire plant in Fagerstad, Sweden, excluding Degerfors, Sweden, Long Products AB unit in Storfors.
"Yitong News Agency" reported on Feb 7 that Fatrahi, chairman of the Qeshm Free Trade Zone, said at the foundation stone laying ceremony of Iran's largest stainless steel sheet factory on Tuesday, "By launching a 20 trillion rial (about US$50 million) credit steel plate production company, and create 1,800 local job opportunities, Qeshm Island will join Iran’s steel industry chain.”
He added, "This plant covering an area of 97 hectares with an annual output of 300,000 tons of stainless steel plates is expected to be completed and put into operation in three years. Together with the Persian Gulf Bridge, it will lay the foundation for the development of large-scale local heavy industries. At the same time, Qeshm Island is selected as an investment The destination will help enjoy convenient export, transportation and tax exemption measures, and play an important role in the national economic cycle."
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