China’s domestic stainless steel market has continued its upward trend during the past week.
Global nickel prices have risen significantly compared to one week earlier. On June 5, the three-month nickel price at the London Metal Exchange (LME) closed at $15,750/mt, while LME nickel inventory on the same date totaled 281,214 mt.
Domestic stainless steel prices have increased in the past seven days with the support of nickel prices, while overall trading activity for stainless steel has remained weak. The price increases seen for 304 series were bigger compared to those for other products due to tight inventories, while limited demand meant that the increases for other stainless steel products were smaller. Reduced production in Dainan in addition to environment protection measures have also had an impact on the market. As for the coming week, the domestic stainless market may follow an upward trend again.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
10,000 |
1,565 |
↑100 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,500 |
1,330 |
↑100 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
16,600 |
2,598 |
↑600 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
16,800 |
2,629 |
↑300 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,600 |
1,346 |
↑100 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,400 |
1,315 |
0 |
16 percent VAT is included in the above prices.
$1 = RMB 6.39