China’s domestic stainless steel prices have followed a fluctuating trend during the past seven days.
Global nickel prices have softened slightly during the past week. On October 24, the three-month nickel price at the London Metal Exchange (LME) closed at $18,345/mt, while LME nickel inventory on the same date totaled 44,880 mt.
In the past week, domestic stainless steel prices first decreased before later rebounding. Overall trading activity has been weak. Upstream nickel prices have declined by small margins, causing prices of the main stainless steel grades to follow. However, with the rebound of the stainless steel futures market, most traders chose to slightly raise their quoted prices. Demand has recovered a little and market inventory levels have indicated slight decreases. As for the week ahead, considering that supply has declined and that demand may indicate some increase, it is believed that stainless steel prices may move up slightly.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,850 |
1,790 |
0 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,500 |
1,184 |
50 |
7 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,550 |
2,166 |
-100 |
-14 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,100 |
2,103 |
-150 |
-21 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,450 |
1,177 |
0 |
0 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,031 |
0 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 7.179 (October 25)