China’s domestic stainless steel prices have followed a downward trend during the past seven days.
Global nickel prices have softened slightly during the past week. On November 9, the three-month nickel price at the London Metal Exchange (LME) closed at $19,445/mt, while LME nickel inventory on the same date totaled 134,172 mt .
Prices of raw materials and stainless steel futures are down sharply, causing stainless steel spot prices to follow suit. Production volumes have increased slightly, also exerting pressure on stainless steel prices. Overall trading activity is still weak. As for the week ahead, considering that market inventory has increased and that demand is still weak, it is believed that stainless steel prices will again follow a downward trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
15,900 |
2,486 |
-700 |
-104 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
11,550 |
1,806 |
-900 |
-137 |
304/2B (1.0 x 1,219 x C) |
Taigang |
21,500 |
3,362 |
-400 |
-56 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
20,100 |
3,143 |
-600 |
-87 |
430/2B (3.0 x 1,219 x C) |
Taigang |
10,300 |
1,611 |
-450 |
-67 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
10,000 |
1,564 |
-100 |
-12 |
13 percent VAT is included in the above prices.
$1 = RMB 6.395
