China’s domestic stainless steel prices have maintained a downtrend during the past week.
Global nickel prices have fluctuated with slight downticks during the past week. On August 24, the three-month nickel price at the London Metal Exchange (LME) closed at $19,055/mt, while LME nickel inventory on the same date totaled 195,558mt.
Upstream raw material prices declined which mainly lead stainless steel prices to follow. Meanwhile, supply volume recently has increased as well as market inventory. Traders are mostly willing to reduce their quoted prices in order to close more deals but demand still remains weak, resulting in low trading activity. As for the week ahead, it is believed that stainless steel prices may see fluctuations with slight downtrend amid support from cost side but weak demand.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
15,100 |
2,333 |
0 |
7 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
9,950 |
1,537 |
-300 |
-42 |
304/2B (1.0 x 1,219 x C) |
Taigang |
20,600 |
3,182 |
-600 |
-83 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
19,800 |
3,059 |
-300 |
-37 |
430/2B (3.0 x 1,219 x C) |
Taigang |
11,200 |
1,730 |
-100 |
-10 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,900 |
1,529 |
-100 |
-11 |
13 percent VAT is included in the above prices.
$1 = RMB 6.473
