China’s domestic stainless steel prices have mostly moved up slightly compared to the period before the National Day holiday.
Global nickel prices have increased compared to the pre-holiday period. On October 8, the three-month nickel price at the London Metal Exchange (LME) closed at $17,450/mt, while LME nickel inventory on the same date totaled 117,522 mt.
Overall trading activity in the local Chinese stainless steel market has improved and has been at normal levels during the first couple of days after the holiday. Due to production restrictions during the holiday period and strong support from nickel prices, stainless steel prices in China have mostly followed a slight uptrend. Although nickel prices declined yesterday, October 8, the recovery of trading activity still supports stainless prices. As for the week ahead, it is believed that domestic stainless steel prices may again move up slightly.
|
Specification (mm) |
Region |
Producer |
Price |
Price |
Change w-o-w |
|
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
|||
|
202/No.1 (3.0 x 1,500 x C) |
Foshan |
Guangzhou Lianzhong |
11,200 |
1,583 |
0 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan |
Guangzhou Lianzhong |
7,800 |
1,103 |
0 |
0 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
16,650 |
2,354 |
+100 |
+14 |
|
304/No.1 (3.0 x 1,219 x C) |
Wuxi |
Taigang |
16,300 |
2,305 |
+150 |
+21 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,250 |
1,166 |
+100 |
+14 |
|
430/No.1 (3.0 x 1,500 x C) |
Wuxi |
Taigang |
7,900 |
1,117 |
0 |
0 |
13 percent VAT is included in the above prices.
$1= RMB 7.07