China’s domestic stainless steel prices have continued to decline during the past seven days for 304 series products, while prices of other products have moved sideways.
Global nickel prices have softened slightly during the past week. On November 26, the three-month nickel price at the London Metal Exchange (LME) closed at $14,555/mt, while LME nickel inventory on the same date totaled 67,824 mt.
Domestic 304 series stainless steel prices have indicated further small declines due to the ongoing overall weakness of trading activity and the lack of support from nickel prices, with traders also more willing to reduce their prices as the end of the year approaches. Domestic stainless steel producers mostly plan to reduce production volumes during December and January, which may influence supply volumes and give support to stainless steel prices. As for the week ahead, it is believed that most domestic stainless steel prices will soften slightly against the backdrop of weak demand.
|
Specification (mm) |
Region |
Producer |
Price |
Price |
Change w-o-w |
|
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
|||
|
202/No.1 (3.0 x 1,500 x C) |
Foshan |
Guangzhou Lianzhong |
11,300 |
1,606 |
0 |
-5 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan |
Guangzhou Lianzhong |
7,300 |
1,038 |
0 |
-3 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,900 |
2,260 |
-100 |
-22 |
|
304/No.1 (3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,600 |
2,217 |
-50 |
-14 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,200 |
1,166 |
0 |
-4 |
|
430/No.1 (3.0 x 1,500 x C) |
Wuxi |
Taigang |
7,900 |
1,123 |
0 |
-4 |
13 percent VAT is included in the above prices.
$1 = RMB 7.035