China’s domestic stainless steel prices have continued to see a downward trend during the past week.
Global nickel price has showed a small margin of fluctuation trend during the past week. On November 16, the three-month nickel price at the London Metal Exchange (LME) closed at $19,440/mt, while LME nickel inventory on the same date totaled 127,818 mt.
LME three month nickel price has showed a small margin of fluctuating trend during the past week. But domestic stainless steel prices have maintained a downtrend during the past week but decrease margin is relatively smaller compared to last week. Trading activity has been weak which can hardly give any support to stainless steel prices. Recently steel future market including stainless steel showed declined which mainly caused traders and stainless producers to follow. As for the week ahead, considering the stainless prices decreased a lot in past two weeks and support from cost side still exists, it is believed that stainless steel prices may fluctuate with slight downticks.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
15,500 |
2,424 |
-400 |
-62 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
11,150 |
1,744 |
-400 |
-62 |
304/2B (1.0 x 1,219 x C) |
Taigang |
21,100 |
3,300 |
-400 |
-62 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
19,450 |
3,042 |
-650 |
-101 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,950 |
1,556 |
-350 |
-54 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,800 |
1,533 |
-200 |
-31 |
13 percent VAT is included in the above prices.
$1 = RMB 6.394
