China’s domestic stainless steel prices have followed a mostly downward trend during the past seven days.
Global nickel prices have fluctuated on a slight downtrend during the past week. On March 16, the three-month nickel price at the London Metal Exchange (LME) closed at $16,125/mt, while LME nickel inventory on the same date totaled 260,148 mt.
While domestic stainless steel prices have followed a mostly downward trend in the past week, decrease margins were smaller compared to the previous week. Trading activity first increased due to the price decreases seen in the previous week. But, with the upstream producers cutting their quoted prices, the downstream side has mainly resumed a wait-and-see stance again. Market inventory levels are still low, which gives some support for stainless steel prices. As for the week ahead, since support from the cost side is weak, it is believed that stainless steel prices may fluctuate on a slightly soft trend.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,900 |
1,985 |
0 |
4 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,200 |
1,262 |
-300 |
-44 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
16,700 |
2,570 |
-100 |
-10 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
17,050 |
2,624 |
-300 |
-41 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
10,450 |
1,608 |
-150 |
-20 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,300 |
1,431 |
0 |
3 |
13 percent VAT is included in the above prices.
$1 = RMB 6.498