China’s domestic stainless steel prices have moved up during the past week.
Global nickel price has shown a sharp increase during past week. On December 23, the three-month nickel price at the London Metal Exchange (LME) closed at $15,640/mt, while LME nickel inventory on the same date totaled 254,604 mt.
LME three month nickel price has seen a sharp uptick during the past week. Domestic stainless steel prices have followed an uptrend for main grades during the past week as well. Overall trading activity has remained weak because of offseason. Upstream nickel price and stainless future market prices recently have shown a strong upward trend which led most stainless steel prices to follow. However, the increase is relatively smaller compared to the futures market. As for the week ahead, considering the support from the demand side may remain weak and end of year period, it is believed that stainless steel prices may fluctuate with slight declines.
| Spec. - Grade (mm) | Origin | Price | Weekly change | ||
| (RMB/mt) | ($/mt) | (RMB/mt) | ($/mt) | ||
| 202/No.1 (3.0 x 1,500 x C) | Guangzhou Lianzhong | 12,150 | 1,724 | 0 | 2 |
| 201/No.1 (3.0 x 1,219 x C) | Guangzhou Lianzhong | 7,600 | 1,078 | 100 | 16 |
| 304/2B (1.0 x 1,219 x C) | Taigang | 13,750 | 1,951 | 250 | 38 |
| 304/No.1 (3.0 x 1,219 x C) | Taigang | 13,050 | 1,852 | 250 | 38 |
| 430/2B (3.0 x 1,219 x C) | Taigang | 7,500 | 1,064 | 0 | 2 |
| 430/No.1 (3.0 x 1,500 x C) | Taigang | 6,800 | 965 | 0 | 1 |
13 percent VAT is included in the above prices.
$1 = RMB 7.047