China’s domestic stainless steel prices have followed a downward trend during the past week.
Global nickel price has fluctuated with slight upticks during the past week. On July 11, the three-month nickel price at the London Metal Exchange (LME) closed at $20,675/mt, while LME nickel inventory on the same date totaled 37,878 mt.
LME three month nickel prices have slightly moved upward during past week. Domestic stainless steel prices have declined during the past week as well. Overall trading activity has been weak amid off-season. Production volume has continued to increase, exerting certain pressure on stainless steel prices. Meanwhile, the stainless future market prices have showed a downtrend recently which mainly caused most traders to follow. As for the week ahead, considering that the weak demand may continue, it is believed that stainless steel prices may remain stable with slight decreases.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,800 |
1,783 |
-200 |
-23 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,200 |
1,143 |
-250 |
-32 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,400 |
2,146 |
0 |
+6 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,100 |
2,104 |
-50 |
-1 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,050 |
1,122 |
-50 |
-4 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,031 |
-100 |
-11 |
13 percent VAT is included in the above prices.
$1 = RMB 7.177