Nickel prices have picked up in the past week as overall metal prices also rebounded during the week. Traders are maintaining their positive attitude to the nickel market currently. Jinchuan Group has adjusted its ex-works price to $26,584/mt, causing the spot nickel price to rise to $26,661.5-26,816/mt.
With the nickel price moving up, stainless flats performed vibrantly in the Wuxi market this week. Players' offer prices have risen. 300 series prices have increased slightly in the Wuxi market. Baoxin's 304/2B is reported at $3,632/mt. Taigang's 430/2B is unchanged week on week and 201/2B from Lianzhong is offered at $2,055.6/mt in the Foshan market.
300 series versus 400 series market price ($/mt)
Specification |
Region |
Producer |
Price |
Price |
Week on week change |
201/2B |
Foshan |
Guangzhou Lianzhong |
13,300 |
2,056 |
-200 |
201/No.1 |
Foshan |
Guangzhou Lianzhong |
11,300 |
1,747 |
-300 |
304/2B |
Wuxi |
Ningbo Baoxing |
23,500 |
3,632 |
200 |
304/BA |
Wuxi |
Ningbo Baoxing |
24,400 |
3,771 |
100 |
430/No.1 |
Wuxi |
Taigang |
9,500 |
1,468 |
0 |
430/2B |
Wuxi |
Taigang |
10,900 |
1,685 |
0 |
Despite the upward nickel prices, the Chinese steel market remains in its off-season in line with the hot weather and power cuts. The stainless price increases are more related to costs than demand recovery. A more stable trend may be seen in the coming week.