China’s domestic stainless steel market has moved on a decreasing trend during the past seven days.
Global nickel prices have softened compared to one week earlier. On March 27, the three-month nickel price at the London Metal Exchange (LME) closed at $13,000/mt, while LME nickel inventory on the same date totaled 323,400 mt.
With the influence of lower nickel prices and the trade tensions between the US and China, the Chinese domestic stainless steel market has moved down in the past week, while trading activity in the market has been at normal levels. Sentiment among traders is mostly negative and they are willing to reduce their prices in order to conclude deals. As for the coming week, as the steel markets in China are generally expected to continue their soft trend, it is thought that the domestic stainless steel market will continue to move downwards though by smaller margins, with nickel prices expected to receive greater support at around the level of $13,000/mt.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,600 |
1,526 |
↓300 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,100 |
1,288 |
↓300 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,400 |
2,448 |
↓250 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,750 |
2,504 |
↓250 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
9,250 |
1,471 |
↓100 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,700 |
1,383 |
0 |
17 percent VAT is included in the above prices.
$1 = RMB 6.29