China's domestic stainless steel market has continued its downward movement during the past seven days.
Global nickel prices have fluctuated at low levels during the past week. On April 25, the three-month nickel price at the London Metal Exchange (LME) closed at $9,320mt, indicating a very slight increase compared to one week earlier, while LME nickel inventory on the same date totaled 380,172 mt.
Overall trading activity in the Chinese domestic stainless steel market has remained slack in the past week. Amid a lack of support from nickel prices and demand, local traders have had to reduce their stainless steel prices in order to attract business. While domestic stainless steel producers have started to try to keep their prices stable, thereby providing a certain degree of support for market prices, traders are more willing to reduce prices in order to conclude sales as the end of the month approaches. So for the coming week, it is thought that the domestic stainless steel market will follow a slight downtrend.
Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) | Foshan/Lecong | Guangzhou Lianzhong | 9,700 | 1,410 | ↓100 |
201/No.1 (3.0 x 1,219 x C) | Foshan/Lecong | Guangzhou Lianzhong | 8,100 | 1,177 | ↓400 |
304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 14,400 | 2,093 | ↓400 |
304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 16,300 | 2,369 | ↓200 |
430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 8,200 | 1,192 | ↓150 |
430/No.1(3.0 x 1,219 x C) | Wuxi | Krupp | 8,800 | 1,279 | ↓100 |
17 percent VAT is included in the above prices.
$1 = RMB 6.88