The London Metal Exchange (LME) nickel price has risen by 2.5 percent week on week to $21,950/mt, while LME nickel inventory has decreased by 1,020mt over the past week. At present, the nickel price from China-based Jinchuan Group is reported at $25,384.6/mt, while imported nickel is offered at $25,061.5/mt.
LME nickel stock (mt) versus nickel price ($/mt)
The stainless steel market in China has followed a stable trend in the past week. 200 series stainless steel from Lianzhong is at the same price as last week. The prices of 300 and 400 series stainless steel have dropped by $15.4-30.8/mt in the Wuxi market. 304/2B stainless steel from Baoxin stands at $3538.5/mt - declining by $15.4/mt week on week.
300 series versus 400 series market price ($/mt)
Specification |
Region |
Producer |
Price |
Price |
Change |
201/2B |
Foshan |
Guangzhou Lianzhong |
13,300 |
2,046 |
0 |
201/No.1 |
Foshan |
Guangzhou Lianzhong |
10,900 |
1,677 |
0 |
304/2B |
Wuxi |
Ningbo Baoxing |
23,000 |
3,538 |
-100 |
304/BA |
Wuxi |
Ningbo Baoxing |
24,300 |
3,738 |
-200 |
430/No.1 |
Wuxi |
Taigang |
9,500 |
1,462 |
-100 |
430/2B |
Wuxi |
Taigang |
10,900 |
1,677 |
-100 |
Chinese stainless steel enterprises are carrying out maintenance work in the summer. Nickel demand will rise up in the second half of 2011 as stainless production picks up again. Chinese consumption of nickel has been a major source of support for global nickel prices, considering that it accounts for one third of global consumption.
As for stainless steel, stainless steel prices in China may fluctuate on a weak trend in the short term based on the off-season and production cuts, while they are expected to pick up in the middle or long term.