Local Chinese stainless steel market mostly follows soft trend

Wednesday, 20 June 2018 17:42:52 (GMT+3)   |   Shanghai
       

In the past week, global nickel prices first increased but then declined, with prices now down by a relatively significant margin compared to one week earlier. On June 19, the three-month nickel price at the London Metal Exchange (LME) closed at $14,655/mt, while LME nickel inventory on the same date totaled 275,658 mt.

Overall trading activity in the domestic stainless steel market has remained slack in the past week due to the off-season for business and the Dragon Boat Festival. Accordingly, there is lower support for prices despite the reduced stainless steel production resulting from environmental measures. It is thought that the local stainless steel market price may follow a soft trend in the week ahead, especially as traders may lower their prices with the end of the month approaching.

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

9,600

1.484

↓200

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

Foshan/Lecong

Guangzhou Lianzhong

8,100

1.252

↓200

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

Wuxi

Taigang

16,000

2.473

↓100

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

Wuxi

Taigang

16,350

2.527

↓50

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

Wuxi

Taigang

8,600

1.329

0

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

Wuxi

Krupp

8,400

1.298

0

16 percent VAT is included in the above prices

$1 = RMB 6.47

 


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