China’s domestic stainless steel prices have continued their downward trend during the past seven days.
Global nickel prices have fluctuated on a downward trend during the past week. On November 30, the three-month nickel price at the London Metal Exchange (LME) closed at $19,925/mt, while LME nickel inventory on the same date totaled 114,360 mt.
Overall trading activity in the domestic stainless steel market has been weak amid low demand, while supply has increased strongly, which has caused most stainless steel prices to decline. Nickel prices and stainless steel future prices have softened, adding to the pressure on stainless steel prices. As for the week ahead, considering that support from the cost side still exists though demand is still weak, it is believed that stainless steel prices may fluctuate on a downward trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
14,800 |
2,324 |
-100 |
-8 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
10,350 |
1,625 |
-200 |
-26 |
304/2B (1.0 x 1,219 x C) |
Taigang |
19,400 |
3,046 |
-800 |
-115 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
18,300 |
2,873 |
-350 |
-45 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,400 |
1,476 |
-300 |
-42 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,700 |
1,523 |
-100 |
-11 |
13 percent VAT is included in the above prices.
$1 = RMB 6.369
