China’s domestic stainless steel prices have continued to follow a downtrend during the past week.
Global nickel prices have declined during the past week. On June 18, the three-month nickel price at the London Metal Exchange (LME) closed at $17,350/mt, while LME nickel inventory on the same date totaled 89,442mt.
LME three-month nickel prices have moved down past week. Domestic stainless steel prices have also followed a downward trend again during the past week. Overall trading activity has been weak. Upstream nickel prices have continued to see a downtrend which mainly caused stainless steel prices have to follow. Meanwhile, supply volume has been at normal levels and market inventory has increased which also put pressure on stainless steel prices. As for the week ahead, considering offseason and lack of support from the cost side, it is believed that stainless steel prices may see a slight decrease.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,800 |
1,799 |
0 |
-1 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,650 |
1,216 |
-50 |
-8 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,500 |
2,038 |
-200 |
-29 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
13,950 |
1,960 |
-150 |
-22 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,050 |
1,131 |
0 |
0 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,026 |
0 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 7.116
