China’s domestic stainless steel prices have followed a stable trend during the past week.
Global nickel price has fluctuated with downward trend during the past week. On June 27, the three-month nickel price at the London Metal Exchange (LME) closed at $20,840/mt, while LME nickel inventory on the same date totaled 39,348mt.
Domestic stainless steel prices moved sideways during the past week. Overall trading activity has been weak amid off season. Upstream nickel prices showed a weak tendency but stainless futures market prices have seen an upward trend recently. Most traders held their prices stable and certain traders are willing to offer certain discounts in order to close more deals during the end of the month period. As for the week ahead, considering the weakness in demand side and support from nickel prices is getting weak, it is believed that stainless steel prices may follow a slight downtrend.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
13,000 |
1,803 |
0 |
-8 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,600 |
1,193 |
0 |
-5 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,650 |
2,171 |
0 |
-9 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,350 |
2,129 |
0 |
-9 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,100 |
1,123 |
0 |
-5 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,500 |
1,040 |
0 |
-4 |
13 percent VAT is included in the above prices.
$1 = RMB 7.210