During the past week, domestic stainless steel prices in China have continued to indicate a declining trend.
Global nickel prices showed a slightly downward trend in past week. On March 21, the three-month nickel price at the London Metal Exchange (LME) closed at $10,160mt, while LME nickel inventory on the same date totaled 381,948 mt.
Over the past week, domestic stainless steel prices in China have continued to move down, while the overall trading activity has remained at low levels. Upstream stainless steel producers have reduced their prices as traders have mostly held a negative view for the future tendency of the market. Meanwhile, traders have reduced their stainless steel offers to stimulate their sales. Additionally, inventory levels in the local Chinese stainless steel market have been at relatively low levels. As for next week, experts believe that domestic stainless steel prices in China will fall further since there is a lack of proper support in the market.
Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) | Foshan/Lecong | Guangzhou Lianzhong | 10,250 | 1,488 | ↓50 |
201/No.1 (3.0 x 1,219 x C) | Foshan/Lecong | Guangzhou Lianzhong | 9,550 | 1,386 | ↓50 |
304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 16200 | 2,351 | ↓500 |
304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 16,900 | 2,453 | ↓250 |
430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 8,850 | 1,284 | ↓150 |
430/No.1(3.0 x 1,219 x C) | Wuxi | Krupp | 9,300 | 1,350 | 0 |
17 percent VAT is included in the above prices.
$1 = RMB 6.89