Traders seek to increase their inventories in local Chinese stainless steel market

Wednesday, 12 October 2016 17:49:21 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel market has indicated a mostly upward trend in the past week.
 
Global nickel prices have fluctuated on an upward trend in the past week. On October 11, the three-month nickel price at the London Metal Exchange (LME) closed at $10,430/mt, while LME nickel inventory on the same date totaled 360,828 mt.
 
Most traders in the domestic stainless steel market have been seeking to increase their inventory levels in the past week and so overall trading activity has picked up, providing support for domestic prices. As for the coming week, it is believed that the domestic stainless steel market may indicate stable or slightly upward movement. 

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

Guangzhou Lianzhong

9,500

1,414

300

201/No.1 (3.0 x 1,219 x C)

Foshan

Guangzhou Lianzhong

7,300

1,086

300

304/2B (1.0 x 1,219 x C)

Wuxi

Taigang

13,800

2,054

300

304/No.1(3.0 x 1,219 x C)

Wuxi

Taigang

13,600

2,024

300

430/2B (3.0 x 1,219 x C)

Wuxi

Taigang

7,450

1,109

250

430/No.1(3.0 x 1,219 x C)

Wuxi

Krupp

6,600

982

200


All prices are ex-warehouse and include 17 percent VAT.
 
$1 = RMB 6.72
 


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