Over the past week, prices in the local Chinese stainless steel market have mostly indicated a slight downtrend.
Global nickel price has fluctuated with a slightly upward trend during the past week. On August 21, the three-month nickel price at the London Metal Exchange (LME) closed at $13,560/mt, while LME nickel inventory on the same date totaled 245,094 mt.
At first three-month nickel price at the LME have moved down in the given week but then rebounded and closed the week at a slightly higher level as compared to last week. Domestic stainless steel prices in China have mostly declined slightly over the past seven days, while overall trading activity in the country has remained at low levels. Upstream nickel prices as well as quotations of other raw materials have followed a downtrend over the past week which is considered to be the main reason of the fall recorded in certain stainless steel products. Meanwhile, inventory levels in the local Chinese stainless steel market have increased, decreasing the support provided for the market price. As for next week, considering that the support from cost side is getting weak and that the market inventory may remain at high levels since demand is still weak, stainless market price is expected to fall slightly.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
10,000 |
1,460 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,850 |
1,292 |
0 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,950 |
2,328 |
↓50 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
16,400 |
2,394 |
↓300 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,400 |
1,226 |
↓100 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,600 |
1,255 |
0 |
16 percent VAT is included in the above prices.
$1 = RMB 6.85