China’s domestic stainless steel prices have moved on a slight downtrend during the past seven days.
Global nickel prices have increased during the past week. On June 7, the three-month nickel price at the London Metal Exchange (LME) closed at $29,700/mt, while LME nickel inventory on the same date totaled 71,052 mt.
Some stainless steel producers have cut their prices in the past week, causing most traders to cut their spot prices also, though the decrease margins have been small due to the recent increases seen in nickel prices. Demand side has recovered a little due to the easing of restrictions in certain areas. As for the week ahead, while support from the cost side is still strong though demand may be impacted by the traditional off-season for business, it is believed that stainless steel prices may move down by a small margin.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
15,050 |
2,259 |
-150 |
-22 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
9,550 |
1,433 |
-200 |
-30 |
304/2B (1.0 x 1,219 x C) |
Taigang |
20,700 |
3,107 |
0 |
1 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
19,800 |
2,972 |
-50 |
-7 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,100 |
1,366 |
-100 |
-15 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,000 |
1,351 |
-100 |
-15 |
13 percent VAT is included in the above prices.
$1 = RMB 6.663
