China’s domestic stainless steel market has mostly followed a soft trend during the past week.
Global nickel prices have continued their upward movement. On August 1, the three-month nickel price at the London Metal Exchange (LME) closed at $10,290/mt, while LME nickel inventory on the same date totaled 372,936 mt.
Domestic stainless steel prices have mostly indicated downwawrd corrections in the past week following the continuous upward movement seen in previous weeks, and also as traders reduced prices in order to increase their sales as the end of July approached. Overall trading activity has been weak due to the hot weather conditions and also as prices are considered to be at relatively high levels. As for the coming week, it is thought that domestic stainless steel price may resume their upward movement with the support of nickel prices.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,600 |
1,429 |
↓200 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,100 |
1,205 |
↓200 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,400 |
2,292 |
↓100 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,900 |
2,366 |
↑400 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,600 |
1,280 |
0 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
7,900 |
1,176 |
↓400 |
17 percent VAT is included in the above prices.
$1 = RMB 6.72