The London Metal Exchange (LME) nickel price has declined to $22,605/mt this week, from $24,405/mt last week. The Jinchuan Group (JNMC) nickel price has declined to $26,531/mt and the Norisk Nickel price is reported at $26,225/mt, as of May 24, with 6.2 percent and 6.8 percent decreases respectively week on week. China's nickel pig iron (NPI) market does not appear to have seen any great change in the past week. High grade laterite nickel ore prices have slipped slightly, while medium and low grade laterite nickel ore prices have remained stable.
LME nickel stock (mt) versus nickel price ($/mt)
300 series versus 400 series market price ($/mt)
Specification |
Region |
Producer |
Price (RMB/t) |
Price ($/mt) |
201/2B |
Foshan |
Guangzhou Lianzhong |
13,800 |
2,113 |
201/No.1 |
Foshan |
Guangzhou Lianzhong |
10,900 |
1,669 |
304/2B |
Wuxi |
Ningbo Baoxing |
23,800 |
3,645 |
304/BA |
Wuxi |
Ningbo Baoxing |
25,000 |
3,828 |
430/No.1 |
Wuxi |
Taigang |
9,800 |
1,501 |
430/2B |
Wuxi |
Taigang |
11,400 |
1,746 |
304/2B and 304/BA stainless prices from Ningbo Baoxing have risen by $107/mt week on week, while Taigang has lowered its 430/2B stainless price to $1,746/mt, down by $30.6/mt. The overall trend in China's stainless steel market has continued to be downward in the past week.
Amid ongoing uncertainty in the global economy, players in China's stainless steel market are observing the market carefully before making purchases. It is thought that the downward trend of nickel prices may slow down or even indicate an increase in the coming week, and this would exert a knock-on effect on domestic stainless steel prices in China.