China’s domestic stainless steel prices have indicated a strong upward trend during the past week.
Global nickel prices have fluctuated with slightly upward trend during the past week. On July 20, the three-month nickel price at the London Metal Exchange (LME) closed at $18,665/mt, while LME nickel inventory on the same date totaled 220,128 mt.
LME three month nickel price has followed a fluctuating trend with slight upticks during the past week. Domestic stainless steel prices have indicated a strongly upward trend since upstream raw material prices have followed an upward recently. Overall trading activity remained weak amid offseason and rapidly rising prices. The expected restrictions on production in certain areas is another reason why stainless steel prices are indicating sharp rises. As for the week ahead, while there is strong support from the cost side, uncertainty regarding the production restrictions still stand, therefore, it is believed that stainless steel prices may fluctuate at high levels.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
14,000 |
2,159 |
100 |
14 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
9,150 |
1,411 |
100 |
15 |
304/2B (1.0 x 1,219 x C) |
Taigang |
20,900 |
3,223 |
1,600 |
245 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
20,500 |
3,162 |
1,700 |
261 |
430/2B (3.0 x 1,219 x C) |
Taigang |
10,400 |
1,604 |
300 |
46 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,000 |
1,388 |
0 |
-1 |
13 percent VAT is included in the above prices.
$1 = RMB 6.484
