China’s domestic stainless steel prices have indicated minor fluctuations during the past week.
Global nickel prices have risen by small margins during the past week. On September 19, the three-month nickel price at the London Metal Exchange (LME) closed at $20,000/mt, while LME nickel inventory on the same date totaled 40,500 mt.
Overall trading activity in the local stainless steel market has been weak and some traders have chosen to reduce their quoted prices in order to close more deals, though at the same time rises in nickel prices have provided support for stainless steel prices. As the National Day Holiday is drawing closer, most traders hold a positive view of demand ahead of the holiday. As for the week ahead, considering the support from costs and that demand may improve, it is believed that stainless steel prices may rise slightly.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,850 |
1,791 |
0 |
+4 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,650 |
1,206 |
-100 |
-11 |
304/2B (1.0 x 1,219 x C) |
Taigang |
16,100 |
2,245 |
+50 |
+12 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,650 |
2,182 |
-100 |
-9 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,450 |
1,178 |
+50 |
+10 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,032 |
0 |
+2 |
13 percent VAT is included in the above prices.
$1 = RMB 7.173 (September 20)