China’s domestic stainless steel market has mainly followed a downward trend during the past seven days.
Global nickel prices have declined further during the past week. On April 18, the three-month nickel price at the London Metal Exchange (LME) closed at $9,310mt, while LME nickel inventory on the same date totaled 369,354 mt.
In the past week, lower nickel prices have contributed to the downward movement of the domestic stainless steel market in China, while weak trading activity also means there is a lack of support for prices. However, many domestic producers are now becoming more inclined to keep their prices stable and not reduce them further, though, under pressure from tight funds, most traders are willing to offer discounts during transactions. As for the coming week, it is believed that domestic stainless steel prices may soften slightly.
Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) | Foshan/Lecong | Guangzhou Lianzhong | 9,800 | 1,422 | 0 |
201/No.1 (3.0 x 1,219 x C) | Foshan/Lecong | Guangzhou Lianzhong | 8,500 | 1,234 | ↓300 |
304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 14,800 | 2,148 | ↓600 |
304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 16,500 | 2,395 | ↓400 |
430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 8,350 | 1,212 | ↓250 |
430/No.1(3.0 x 1,219 x C) | Wuxi | Krupp | 8,900 | 1,292 | ↓200 |
17 percent VAT is included in the above prices.
$1 = RMB 6.89