China’s domestic stainless steel market has followed an upward trend during the past seven days.
Global nickel prices have continued their rising trend during the past week. On August 8, the three-month nickel price at the London Metal Exchange (LME) closed at $10,630/mt, while LME nickel inventory on the same date totaled 373,992 mt.
With the support of higher nickel prices, domestic stainless steel prices in China have increased during the past week, though overall trading activity for stainless steel has been sluggish, especially as prices are considered to be on the high side. Traders are not optimistic as regards the future prospects for the market trend. As for the coming week, it is believed that nickel prices will continue to exert a positive influence, though domestic stainless steel prices are just expected to rise slightly given the weakness of demand.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,900 |
1,482 |
↑300 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,400 |
1,257 |
↑300 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
16,000 |
2,395 |
↑600 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
16,800 |
2,515 |
↑900 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,800 |
1,317 |
↑200 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,100 |
1,213 |
↑200 |
17 percent VAT is included in the above prices.
$1 = RMB 6.68