China's domestic stainless steel market has moved on a downward trend during the past seven days.
Global nickel prices have indicated strong decreases during the past week. On July 8, the three-month nickel price at the London Metal Exchange (LME) closed at $10,950/mt, while LME nickel inventory on the same date totaled 456,744 mt.
Chinese stainless steel prices have indicated relatively significant declines in the past week, though the decreases have been on the small side when compared to those seen in nickel prices. Overall trading activity in the Chinese domestic stainless steel market has remained at low levels, while producers have reduced their supply volumes with the aim of providing support for local market prices. Traders are trying to avoid large decreases in their prices, while they are willing to offer discounts during actual transactions. It is believed that the decreasing trend in the market will continue in the coming week since support from costs is quite weak at present.
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) |
Foshan |
Guangzhou Lianzhong |
10,400 |
1,675 |
↓300 |
201/No.1 (3.0 x 1,219 x C) |
Foshan |
Guangzhou Lianzhong |
7,000 |
1,127 |
0 |
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
13,400 |
2,158 |
↓500 |
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
13,100 |
2,110 |
↓700 |
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
6,600 |
1,063 |
↓300 |
430/BA (1.0 x 1,219 x C) |
Wuxi |
Krupp |
5,800 |
934 |
↓500 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.21