China’s domestic stainless steel market prices have mostly moved down during the past week.
Global nickel price has continued to fluctuate with a slight uptrend in the given week. On December 24, the three-month nickel price at the London Metal Exchange (LME) closed at $10,890/mt, while LME nickel inventory on the same date totaled 209,202 mt.
Overall trading activity in the local Chinese stainless steel market has increased week on week, though it is still at low levels. Recently, inventory levels in the market have decreased significantly as downstream buyers have started restocking for winter. This has provided a certain support to domestic stainless prices in China. But since nickel prices are still fluctuating at low levels, and also due to the lack of a significant rise in overall trading activity, traders are willing to reduce their domestic stainless steel prices in order to stimulate their sales at the end-of-year period. As a result, domestic stainless steel prices in China have continued to move mostly downwards. As for the week ahead, it is believed that stainless steel prices may decrease slightly with a fluctuating trend.
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
10,000 |
1,449 |
0 |
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,900 |
1,290 |
0 |
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,200 |
2,203 |
↓100 |
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,250 |
2,210 |
↓150 |
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,100 |
1,174 |
↓100 |
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,300 |
1,203 |
0 |
16 percent VAT is included in the above prices.
$1 = RMB 6.90