China’s domestic stainless steel market has indicated an upward trend during the past seven days.
In the past week, global nickel prices first increased but then started to move on a soft trend, with prices down slightly compared to one week earlier. On July 5, the three-month nickel price at the London Metal Exchange (LME) closed at $9,180mt, while LME nickel inventory on the same date totaled 370,620 mt.
Domestic stainless steel prices have increased with the support of low inventory levels and the upward trend of nickel prices in the early part of the past week. In addition, increases in prices of other steel products and of raw materials have also provided support for the stainless steel market. Traders are waiting to sell at higher prices. As for the coming week, it is believed that the stainless steel market may just indicate slight upticks amid recent increases seen in supply and the soft trend of nickel prices in the past few days.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,600 |
1,412 |
↑300 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,100 |
1,191 |
↑300 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
14,300 |
2,103 |
↑700 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
14,900 |
2,191 |
↑500 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,200 |
1,206 |
↑200 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,200 |
1,206 |
0 |
17 percent VAT is included in the above prices.
$1 = RMB 6.8