China’s domestic stainless steel prices have fluctuated with declines during the past week.
Global nickel price has followed a fluctuating trend during the past week. On May 23, the three-month nickel price at the London Metal Exchange (LME) closed at $20,760/mt, while LME nickel inventory on the same date totaled 39,060mt. LME three month nickel price have also fluctuated with some declines during the past week.
Domestic stainless steel prices have slightly decreased during the past week. Overall trading activity has been at weak. Since upstream nickel prices moved downward recently, most stainless traders were willing to offer certain discounts in order to close more deals, but downstream industries mostly kept a wait and see stance. As for the week ahead, considering that the support from the cost side is weak, it is believed that stainless steel prices may see some fluctuations with slight downticks again.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
13,050 |
1,849 |
-50 |
-29 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,800 |
1,247 |
0 |
-14 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,750 |
2,232 |
-100 |
-40 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,450 |
2,190 |
-200 |
-54 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,700 |
1,091 |
0 |
-13 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,500 |
1,063 |
0 |
-12 |
13 percent VAT is included in the above prices.
$1 = RMB 7.056
