China’s domestic stainless steel prices have increased sharply over the past seven days, though a softening of prices has been seen at the end of the week.
Global nickel prices have indicated very strong increases during the past week, so much so that on March 8 the LME closed its nickel trading. On March 8, the three-month nickel price at the London Metal Exchange (LME) closed at $80,000/mt, while LME nickel inventory on the same date totaled 75,012 mt.
Domestic stainless steel prices indicated sharp increases during most of the past week, but moved down after the LME closed its nickel trading on Tuesday this week. Overall, prices are still higher week on week. Trading activity in the domestic stainless steel market initially improved and was at normal levels in the past week and then became very slow due to the strong fluctuations seen in prices. As for the week ahead, amid ongoing uncertainties and possible decreases when the LME starts transacting nickel again, it is believed that stainless steel prices may move on a downward trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
15,650 |
2,477 |
400 |
70 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
10,800 |
1,709 |
400 |
68 |
304/2B (1.0 x 1,219 x C) |
Taigang |
22,700 |
3,593 |
2,600 |
420 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
23,600 |
3,735 |
3,900 |
626 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,800 |
1,551 |
300 |
52 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,900 |
1,409 |
200 |
35 |
13 percent VAT is included in the above prices.
$1 = RMB 6.318
