The London Metal Exchange (LME) nickel price has decreased to $21,410/mt, down $815/mt week on week. Meanwhile, LME nickel inventory has declined to 110,880 mt, down 1,626 mt compared with the previous week. The domestic nickel price in China is reported at $25,385-25462/mt, while the imported nickel price in China is reported at $25,154-25,200/mt. The queasy international macroeconomic situation still exerts a negative influence on metal prices.
LME nickel stock (mt) versus nickel price ($/mt)
For several months now, the stainless steel market in Wuxi has been depressed, due to the weak season and cautious purchasing activity caused by the unstable market. Many steel mills have started maintenance in Q2 because of the weak market situation and power rationing. As a result, supply has declined and support for stainless prices has increased somewhat.
Stainless steel prices in China have continued to fall this week. The Ningbo Baoxing 304/2B flats price is reported at $3,554/mt, down $61.5/mt week on week, while 304/BA is reported at $3,769/mt, down $46.1/mt week on week.
300 series versus 400 series market price ($/mt)
Specification |
Region |
Producer |
Price |
Price |
Change week on week |
201/2B |
Foshan |
Guangzhou Lianzhong |
13,300 |
2,046 |
0 |
201/No.1 |
Foshan |
Guangzhou Lianzhong |
10,900 |
1,677 |
0 |
304/2B |
Wuxi |
Ningbo Baoxing |
23,100 |
3,554 |
-400 |
304/BA |
Wuxi |
Ningbo Baoxing |
24,500 |
3,769 |
-300 |
430/No.1 |
Wuxi |
Taigang |
9,600 |
1,477 |
0 |
430/2B |
Wuxi |
Taigang |
11,000 |
1,692 |
0 |
China's consumer price index (CPI) in May hit a 34-month peak. Meanwhile, the deposit reserve ratio and interest rates have been increased. Chinese traders expect that domestic stainless steel prices will fluctuate downward in the short term.