China’s domestic stainless steel prices have maintained an upward trend during the past week.
Global nickel price has showed increase during the past week. On July 27, the three-month nickel price at the London Metal Exchange (LME) closed at $19,325/mt, while LME nickel inventory on the same date totaled 217,878 mt.
LME three month nickel price has moved sideways during the past week. Domestic stainless steel prices have also seen upward trend. Upstream nickel prices and other raw material prices recently have followed a strong upward trend which mainly caused stainless steel prices to follow suit. Meanwhile, the limitation of production volume which lead supply volumes to be weak also gives strong support to stainless steel prices. Overall trading activity has been weak amid offseason and rapid rise in prices. As for the week ahead, it is believed that stainless steel prices may fluctuate at high levels.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
14,900 |
2,295 |
900 |
136 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
10,050 |
1,548 |
900 |
137 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
21,700 |
3,342 |
800 |
119 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
20,800 |
3,203 |
300 |
42 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
11,200 |
1,725 |
800 |
121 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
10,000 |
1,540 |
1,000 |
152 |
13 percent VAT is included in the above prices.
$1 = RMB 6.493