China's domestic stainless steel market has continued its decreasing trend during the past seven days.
Global nickel prices have risen slightly compared to one week earlier. On May 23, the three-month nickel price at the London Metal Exchange (LME) closed at $9,345mt, while LME nickel inventory on the same date totaled 380,250 mt.
The ongoing declines in domestic stainless steel prices in China have resulted in an improvement in overall trading activity in the market, which is now at normal levels. Further reductions in producers' prices have contributed to negative sentiment among traders, who have followed suit and reduced their prices also. As for the coming week, it is expected that domestic stainless steel prices will soften further, especially due to tighter liquidity as the end of the month approaches.
Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) | Foshan/Lecong | Guangzhou Lianzhong | 9,300 | 1,350 | 0 |
201/No.1 (3.0 x 1,219 x C) | Foshan/Lecong | Guangzhou Lianzhong | 7,800 | 1,132 | ↓100 |
304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 13,800 | 2,003 | ↓100 |
304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 15,200 | 2,206 | ↓600 |
430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 7,700 | 1,118 | ↓200 |
430/No.1(3.0 x 1,219 x C) | Wuxi | Krupp | 7,900 | 1,147 | ↓100 |
17 percent VAT is included in the above prices.
$1 = RMB 6.89