China’s domestic stainless steel market has mostly followed an upward trend during the past seven days.
Global nickel prices have fluctuated on a rising trend in the past week. On February 21, the three-month nickel price at the London Metal Exchange (LME) closed at $10,850mt, while LME nickel inventory on the same date totaled 384,900 mt.
Higher nickel prices have contributed to the upward trend of domestic stainless prices in China during the past week, while low inventories have also provided support for stainless steel prices. Overall trading activity has remained weak, while downstream buyers have continued to maintain a wait-and-see stance. It is believed domestic stainless steel prices may move on a slight uptrend in the coming week, with the support of production cuts aimed at limiting environmental pollution.
| Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
| 202/No.1 (3.0 x 120 x C) | Foshan/Lecong | Guangzhou Lianzhong | 10,400 | 1,512 | ↑500 |
| 201/No.1 (3.0 x 1,219 x C) | Foshan/Lecong | Guangzhou Lianzhong | 9,700 | 1,410 | ↑600 |
| 304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 17,200 | 2,500 | ↑350 |
| 304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 16,650 | 2,420 | 0 |
| 430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 9,200 | 1,337 | ↑100 |
| 430/No.1(3.0 x 1,219 x C) | Wuxi | Krupp | 9,300 | 1,352 | 0 |
17 percent VAT is included in the above prices.
$1 = RMB 6.88