During the past seven days, China’s domestic stainless steel prices have increased for the major product segments, i.e., 304 series products, while moving sideways for other products.
Global nickel prices have continued to rise during the past week. On August 4, the three-month nickel price at the London Metal Exchange (LME) closed at $13,985/mt, while LME nickel inventory on the same date totaled 235,272 mt.
Domestic 304 series stainless steel prices have increased during the past week amid strong support from rising nickel prices, while also boosted by low stainless steel inventory levels. Overall trading activity has improved slightly and is at normal levels. In the past few days, nickel prices have started to move on a fluctuating trend, but traders still believe that the support from low inventory and demand remains strong. As for the week ahead, it is believed that local stainless steel prices may move up slightly.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,000 |
1,577 |
0 |
5 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,700 |
961 |
0 |
3 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
14,900 |
2,136 |
300 |
50 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,400 |
2,065 |
100 |
21 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
7,400 |
1,061 |
0 |
3 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,047 |
0 |
3 |
13 percent VAT is included in the above prices.
$1 = RMB 6.975