China’s domestic stainless steel prices have indicated slight fluctuations trend during the past seven days.
Global nickel prices have softened by a small margin week on week. On November 7, the three-month nickel price at the London Metal Exchange (LME) closed at $17,955/mt, while LME nickel inventory on the same date totaled 40,092 mt.
Overall trading activity in the domestic stainless steel market has remained weak. Stainless steel producers have mostly reduced their production volumes since profits are limited, causing market inventory to decline a little, but the weakness of demand means there is little support for increases in stainless steel prices. As for the week ahead, it is believed that stainless steel prices may continue to indicate minor fluctuations amid weak demand and reduced supply.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,850 |
1,790 |
0 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,500 |
1,184 |
0 |
0 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,400 |
2,146 |
0 |
0 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,900 |
2,076 |
-50 |
-7 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,450 |
1,177 |
0 |
0 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,500 |
1,045 |
100 |
14 |
13 percent VAT is included in the above prices.
$1 = RMB 7.177