Local Chinese stainless steel market moves down further

Wednesday, 26 April 2017 16:09:51 (GMT+3)   |   Shanghai
       

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


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