China’s domestic stainless steel market has indicated a strong upward trend during the past seven days.
In the past week, global nickel prices first rose sharply and then started to move back down, with prices now slightly higher compared to one week earlier. On June 20, the three-month nickel price at the London Metal Exchange (LME) closed at $8,820mt, while LME nickel inventory on the same date totaled 377,472 mt.
The strong increases seen in domestic stainless steel prices have been supported by the significant rises seen in nickel prices in the early part of the past week. Trading activity for stainless steel is at normal levels, while market inventory is on the low side and traders are not so willing to sell during the current upward trend. Stainless steel producers have raised their quotations, with traders choosing to follow their example. As for the coming week, it is believed that domestic stainless steel prices may start to move sideways or even soften slightly as nickel prices have begun to move down.
| Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
| 202/No.1 (3.0 x 120 x C) | Foshan/Lecong | Guangzhou Lianzhong | 9,400 | 1,376 | ↑800 |
| 201/No.1 (3.0 x 1,219 x C) | Foshan/Lecong | Guangzhou Lianzhong | 7,900 | 1,157 | ↑800 |
| 304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 14,100 | 2,064 | ↑1,400 |
| 304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 14,200 | 2,079 | ↑400 |
| 430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 7,900 | 1,157 | ↑300 |
| 430/No.1(3.0 x 1,219 x C) | Wuxi | Krupp | 8,200 | 1,201 | ↑300 |
17 percent VAT is included in the above prices.
$1 = RMB 6.83