China’s domestic stainless steel prices have moved on a downward trend during the past seven days.
Global nickel prices have continued to move down during the past week. On November 14, the three-month nickel price at the London Metal Exchange (LME) closed at $17,425/mt, while LME nickel inventory on the same date totaled 43,194 mt.
Overall trading activity in the domestic stainless steel market has slackened and is currently considered to be weak, while prices have softened mainly due to the decreases seen in nickel prices. Meanwhile, due to the cold weather and the off-season, demand has weakened. As for the week ahead, it is believed that stainless steel prices may follow a downward trend again amid the weakness on the demand and cost sides.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,850 |
1,791 |
0 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,400 |
1,171 |
-100 |
-14 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
14,950 |
2,084 |
-450 |
-62 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,750 |
2,056 |
-150 |
-20 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,400 |
1,171 |
-50 |
-7 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,500 |
1,045 |
0 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 7.175