China’s domestic stainless steel prices have indicated minor declines during the past week.
Global nickel prices have increased a little during the past week. On December 12, the three-month nickel price at the London Metal Exchange (LME) closed at $16,475/mt, while LME nickel inventory on the same date totaled 48,588 mt.
Overall trading activity in the domestic stainless steel market has been weak due to the off-season. Though recent small increases in nickel prices and in the stainless steel futures market prices have started to provide support for stainless steel prices, traders have mostly been willing to reduce their quoted prices slightly in order to close more deals as the end of the year approaches, especially given the sluggishness of demand. As for the week ahead, it is believed that stainless steel prices may continue their soft trend due to the weakness of demand.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,800 |
1,800 |
-50 |
-7 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,200 |
1,153 |
-50 |
-7 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,050 |
1,975 |
0 |
0 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
13,800 |
1,940 |
-50 |
-7 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,200 |
1,153 |
-50 |
-7 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,026 |
-200 |
-28 |
13 percent VAT is included in the above prices.
$1 = RMB 7.113