Chinese domestic 304 series stainless steel prices indicate significant rises

Wednesday, 06 March 2019 18:09:06 (GMT+3)   |   Shanghai
       

China’s domestic 304 series stainless steel prices have indicated significant rises in the past seven days, while prices of other stainless steel products have moved sideways.

Global nickel prices have continued to rise during the past week. On March 5, the three-month nickel price at the London Metal Exchange (LME) closed at $13,650/mt, while LME nickel inventory on the same date totaled 196,410 mt.

The strong rises seen in domestic 304 series stainless steel prices in the past week have been due to the ongoing upward movement of nickel prices. Overall trading activity in the domestic stainless steel market has improved and is now at normal levels, though at the same time some downstream users have started to adopt a wait-and-see stance after the latest relatively large increase in 304 series prices. Some maintenance works by producers may impact outputs and provide support for prices. As for the week ahead, it is believed that domestic stainless market prices may fluctuate on an upward trend amid improved demand and higher 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

10,000

1,490

0

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

Foshan/Lecong

Guangzhou Lianzhong

8,900

1,326

0

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

Wuxi

Taigang

15,900

2,370

↑300

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

Wuxi

Taigang

15,550

2,317

↑450

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

Wuxi

Taigang

8,100

1,207

↑50

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

Wuxi

Krupp

8,200

1,222

0

 

16 percent VAT is included in the above prices.

$1 = RMB 6.71


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