China’s domestic stainless steel prices have mostly fluctuated on an upward trend during the past seven days.
Global nickel prices have indicated an upward trend during the past week. On October 20, the three-month nickel price at the London Metal Exchange (LME) closed at $16,050/mt, while LME nickel inventory on the same date totaled 236,832 mt.
Overall trading activity in the domestic stainless steel market has improved slightly in the past week and is currently at normal levels. With the strong performance of nickel prices, stainless steel futures prices in China have also followed an upward trend, but most traders preferred not to raise their quoted prices strongly as they have been seeking to close more deals. Meanwhile, the increasing market inventories have also limited the margins of increases in stainless steel prices. As for the week ahead, considering the increases on the cost side, it is believed that stainless steel prices in China will follow an upward trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,662 |
0 |
17 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,000 |
1,048 |
-50 |
3 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,900 |
2,381 |
200 |
54 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
16,250 |
2,433 |
-50 |
17 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,400 |
1,258 |
100 |
28 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,108 |
0 |
11 |
13 percent VAT is included in the above prices.
$1 = RMB 6.678
