China's domestic stainless steel market has indicated a minor decrease in the past week.
Global nickel prices are slightly higher compared to one week ago. On October 27, the three-month nickel price at the London Metal Exchange (LME) closed at $10,565/mt, while LME nickel inventory on the same date totaled 428,232 mt.
At the start of the past week, domestic stainless steel prices moved up a little on the back of support from nickel prices. However, as trading activity weakened further, traders chose to reduce their prices in order to attract business. Demand in the market remains at weak levels. It is believed that domestic stainless steel prices will indicate slight fluctuations in the week ahead.
Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) | Foshan | Guangzhou Lianzhong | 9,800 | 1541 | 0 |
201/No.1 (3.0 x 1,219 x C) | Foshan | Guangzhou Lianzhong | 6,200 | 975 | ↓50 |
304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 12,500 | 1965 | ↓100 |
304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 12,100 | 1903 | ↓100 |
430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 6,300 | 991 | ↑50 |
430/No.1(3.0 x 1,219 x C) | Wuxi | Krupp | 6,500 | 1022 | 0 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.36