China’s domestic stainless steel prices have followed an upward trend during the past seven days.
Global nickel prices have softened during the past week. On August 15, the three-month nickel price at the London Metal Exchange (LME) closed at $19,770/mt, while LME nickel inventory on the same date totaled 37,182 mt.
Overall trading activity in the domestic stainless steel market has been at normal levels in the past week. Both supply and market inventory have decreased, providing support for the upward movement of stainless steel prices. Stainless steel futures prices have also increased lately. On the other hand, softer nickel prices exert some downward pressure on stainless steel prices. As for the week ahead, since demand is unlikely to be sufficient to support further upward movement of prices, it is believed that stainless steel prices may just indicate minor fluctuations.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,950 |
1,799 |
50 |
-3 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,750 |
1,215 |
200 |
21 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
16,000 |
2,222 |
200 |
15 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,700 |
2,181 |
200 |
15 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,300 |
1,153 |
200 |
21 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,014 |
0 |
-6 |
13 percent VAT is included in the above prices.
$1 = RMB 7.200