China's domestic stainless steel market has mostly indicated an upward trend during the past week.
Meanwhile, global nickel prices have showed a fluctuating downward trend in the past week. On September 13, the three-month nickel price at the London Metal Exchange (LME) closed at $9,860/mt, while LME nickel inventory on the same date totaled 367,728 mt.
During the past week LME three month nickel prices have moved up at first, then have declined, closing the week at a lower price level compared to last week. Domestic stainless steel prices in China have mostly moved up in the same period since September is traditionally the peak season for market activity. However, the overall trading volume is still lower then traders' expectations. Therefore, the increases recorded in domestic stainless steel quotations are small. With the reductions seen in nickel prices and due to the weakness of demand, stainless steel prices in the local Chinese market is expected to move down in the coming week.
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) |
Foshan |
Guangzhou Lianzhong |
10,200 |
1,529 |
0 |
201/No.1 (3.0 x 1,219 x C) |
Foshan |
Guangzhou Lianzhong |
7,100 |
1,064 |
↓100 |
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
13,550 |
2,031 |
↑150 |
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
13,300 |
1,994 |
0 |
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
7,250 |
1,087 |
↑50 |
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
6,500 |
975 |
↑200 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.67