Stainless steel prices in China have surged as prices for nickel, the raw material for stainless steel, jumped this week to a 5-year record high amid Indonesia's statements to ban the export of this metal from January 1, 2020.
The weighted average price of a ton of stainless steel in Jiangsu province, according to SMM, was 8,000 yuan (approximately $ 1,120) per ton as of Monday, September 2. Prices climbed to RMB 10,500 per ton on Tuesday.
Prices for stainless steel scrap have also risen due to stable purchases, and further price increases are expected in the near future.
China is the world's largest producer and consumer of stainless steel.
