In the past week, China’s domestic stainless steel market first moved upwards but later followed a decreasing trend.
Global nickel prices have fluctuated significantly in the past week amid fears of US sanctions against Russia which subsequently subsided, with nickel prices now lower compared to one week earlier. On April 24, the three-month nickel price at the London Metal Exchange (LME) closed at $13,990/mt, while LME nickel inventory on the same date totaled 312,324 mt.
Amid speculation regarding US sanction against Russia which drove up nickel prices, the domestic stainless steel market in China also moved upwards in the early part of the past week, while trading activity in the market increased strongly. After the fears of sanctions dissipated, stainless steel prices in China returned to normal levels and trading activity became sluggish. Market inventory has continued to increase and traders are willing to offer discounts. As for the coming week, traders are under pressure to bring in cash as the end of the month is approaching. Accordingly, it is thought that domestic stainless steel prices may fluctuate on a slightly soft trend.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,200 |
1,456 |
↓50 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
7,700 |
1,218 |
↓50 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,200 |
2,405 |
↑50 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,800 |
2,500 |
↑100 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,700 |
1,377 |
↓150 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,900 |
1,408 |
↑200 |
17 percent VAT is included in the above prices.
$1 = RMB 6.32