Chinese stainless steel prices continue to decline

Wednesday, 09 November 2022 15:37:31 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel prices have followed a downward trend during the past week.

Global nickel prices have increased by a small margin during the past week. On November 8, the three-month nickel price at the London Metal Exchange (LME) closed at $23,830/mt, while LME nickel inventory on the same date totaled 50,814 mt.

Overall trading activity in the domestic stainless steel market has been weak. Traders have mostly been willing to reduce their quoted prices in order to close more deals. Supply and inventories have both increased slightly, exerting some pressure on stainless steel prices. Most traders hold a negative view of the prospects for the market due to the approach of the off-season. As for the week ahead, it is believed that stainless steel prices may continue to follow a soft trend.

Spec. - Grade (mm) 

 Origin 

Price 

Weekly change  

(RMB/mt) 

($/mt) 

(RMB/mt) 

($/mt) 

202/No.1 (3.0 x 1,500 x C) 

Guangzhou Lianzhong 

13,600 

1,884 

-100 

-14  

201/No.1 (3.0 x 1,219 x C) 

Guangzhou Lianzhong 

9,050 

1,254 

-300 

-41  

304/2B (1.0 x 1,219 x C) 

Taigang 

18,100 

2,507 

-150 

-20  

304/No.1 (3.0 x 1,219 x C) 

Taigang 

17,350 

2,403 

-250 

-34  

430/2B (3.0 x 1,219 x C) 

Taigang 

7,900 

1,094 

-100 

-14  

430/No.1 (3.0 x 1,500 x C) 

Taigang 

7,800 

1,080 

-150 

-21  

13 percent VAT is included in the above prices. 

$1 = RMB 7.219


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