China’s domestic stainless steel market has moved on a slight uptrend during the past seven days.
Global nickel prices have indicated minor fluctuations in the past week and are now slightly higher compared to one week ago. On December 6, the three-month nickel price at the London Metal Exchange (LME) closed at $11,610/mt, while LME nickel inventory on the same date totaled 368,910 mt.
The upward movement of ferrous metal prices in the futures and spot markets in China has contributed to the rising trend observed in the domestic stainless steel market in the past week. At the same time, trading activity in the stainless steel market has remained at low levels, though supplies arriving in the market from producers have also been on the low side. Demand from downstream buyers is not expected to improve in the coming period. It is believed that domestic stainless steel prices will move sideways or increase slightly in the week ahead, with support from the cost side.
| Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
| 202/No.1 (3.0 x 120 x C) | Foshan/Lecong | Guangzhou Lianzhong | 10,100 | 1,468 | 0 |
| 201/No.1 (3.0 x 1,219 x C) | Foshan/Lecong | Guangzhou Lianzhong | 8,900 | 1,294 | ↑400 |
| 304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 17,250 | 2,507 | ↑250 |
| 304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 16,800 | 2,442 | ↑200 |
| 430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 9,700 | 1,410 | ↑200 |
| 430/No.1(3.0 x 1,219 x C) | Wuxi | Krupp | 8,000 | 1,163 | ↑200 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6. 88