China’s domestic stainless steel prices have indicated a strong upward trend during the past week.
Global nickel price has continued an upward trend during the past week. On August 18, the three-month nickel price at the London Metal Exchange (LME) closed at $14,745/mt, while LME nickel inventory on the same date totaled 238,530 mt.
LME three month nickel price has maintained an upward trend during the past week. Domestic stainless steel prices have also followed a strong upward trend during the past week. Overall trading activity has increased and has been at a normal level. Supported by strong nickel prices, stainless producers mostly increased their offers, while stainless future market also showed a sharp increase. Traders mostly choose to follow the upward trend and low market inventory also support the stainless prices. As for the week ahead, since nickel price and future market both kept in an upward tendency, it is believed that stainless steel prices in the Chinese local market may continue an upward trend. However the increase margin might be smaller compared to the last week, since the prices are already at a high level.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,000 |
1,590 |
0 |
10 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,800 |
983 |
50 |
13 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,400 |
2,226 |
400 |
71 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,200 |
2,197 |
500 |
85 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,650 |
1,106 |
200 |
36 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,055 |
0 |
7 |
13 percent VAT is included in the above prices.
$1 = RMB 6.917
