China’s domestic stainless steel prices have fluctuated with slight decreases trend during the past week.
Global nickel price has also seen fluctuations with a little downturn during the past week. On December 24, the three-month nickel price at the London Metal Exchange (LME) closed at $15,465/mt, while LME nickel inventory on the same date totaled 163, 048mt.
LME three-month nickel price have moved downwards with fluctuations during the past week. Domestic stainless steel prices have mostly declined during the past week. Overall trading activity has been weak due to off season which mainly lead certain traders to choose cutting their quoted prices. Upstream nickel prices have slightly decreased. The supply volume has slightly increased which also gives certain pressure to stainless steel price. As for the week ahead, considering that the demand is weak but support from cost side is still strong, it is believed that stainless steel prices may continue to fluctuate with slight downticks again.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,550 |
1,746 |
0 |
0 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,300 |
1,016 |
-50 |
-7 |
304/2B (1.0 x 1,219 x C) |
Taigang |
13,850 |
1,927 |
0 |
0 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
13,000 |
1,809 |
-50 |
-7 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,350 |
1,023 |
0 |
0 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,000 |
974 |
-200 |
-28 |
13 percent VAT is included in the above prices.
$1 = RMB 7.187