China’s domestic stainless steel market prices have mostly continued their uptrend during past week.
Global nickel price has indicated a downtrend during past week. On October 15, the three-month nickel price at the London Metal Exchange (LME) closed at $17,010/mt, while LME nickel inventory on the same date totaled 94,662 mt.
Higher overall trading activity in the local Chinese stainless market has supported prices despite the fall of nickel quotations as well as the weakness of stainless future market. As a result, domestic stainless steel prices in China have increased further week on week. However, with most Chinese mills returning production, market inventory has increased recently. So for the week ahead, considering the fall in nickel prices and higher market inventories, it is believed that stainless steel prices may fluctuate in a small range with a slight downtrend.
Specification (mm) |
Region |
Producer |
Price |
Price |
Change w-o-w |
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
|||
202/No.1 (3.0 x 1,500 x C) |
Foshan |
Guangzhou Lianzhong |
11,400 |
1,611 |
+200 |
+28 |
201/No.1 (3.0 x 1,219 x C) |
Foshan |
Guangzhou Lianzhong |
7,800 |
1,102 |
0 |
0 |
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
16,750 |
2,367 |
+100 |
+13 |
304/No.1 (3.0 x 1,219 x C) |
Wuxi |
Taigang |
16,400 |
2,318 |
+100 |
+13 |
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,300 |
1,173 |
+50 |
+7 |
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 7.075