Local Chinese 304 series stainless steel prices increase slightly

Wednesday, 07 August 2019 17:03:43 (GMT+3)   |   Shanghai
       

China’s domestic 304 series stainless steel prices are up slightly on week-on-week basis, having first declined and then rebounded during the course of the past seven days. Prices of other stainless steel products are unchanged week on week.

Global nickel prices have increased compared to one week ago. On August 6, the three-month nickel price at the London Metal Exchange (LME) closed at $14,955/mt, while LME nickel inventory on the same date totaled 142,200 mt.

Overall trading activity in the domestic stainless steel market has remained at low levels in the past week. Initially traders had chosen to reduce prices slightly at the end of July while, with nickel prices moving upwards, they subsequently started to increase their 304 series prices again. Market inventory has decreased a little, providing some support for market prices. On the other hand, with some increases seen in production volumes due to the easing of environmental protection measures, support for stainless steel prices from the supply side may weaken in the coming period. As for the week ahead, it is believed that domestic stainless steel prices may move sideways or upwards, supported by the increases in nickel prices.

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/Lecong

Guangzhou Lianzhong

11,000

1,574

0

201/No.1 (3.0 x 1,219 x C)

Foshan/Lecong

Guangzhou Lianzhong

7,800

1,116

0

304/2B (1.0 x 1,219 x C)

Wuxi

Taigang

15,900

2,275

↑300

304/No.1(3.0 x 1,219 x C)

Wuxi

Taigang

15,750

2,253

↑50

430/2B (3.0 x 1,219 x C)

Wuxi

Taigang

7,750

1,109

0

430/No.1(3.0 x 1,219 x C)

Wuxi

Krupp

7,900

1,130

0

13 percent VAT is included in the above prices.

$1 = RMB 6.99


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