Local Chinese stainless steel market mostly moves sideways

Wednesday, 06 December 2017 16:22:32 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel market has mostly followed a stable trend during the past week.

Global nickel prices have fluctuated on a soft trend in the past seven days. On December 5, the three-month nickel price at the London Metal Exchange (LME) closed at $10,865/mt, while LME nickel inventory on the same date totaled 376,644 mt.

While trading activity in the domestic stainless steel market has remained slack in the past week, low inventory levels caused by production restrictions have prevented stainless steel prices from following the soft trend of nickel prices. Traders are mostly downbeat on the prospects for the market in the coming week, especially as the supply volume may increase, which would further reduce support for stainless steel prices. It is thought that the domestic stainless steel market may fluctuate on a downward trend in the week ahead.

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

9,500

1,437

0

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

Foshan/Lecong

Guangzhou Lianzhong

8,000

1,210

0

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

Wuxi

Taigang

15,500

2,345

0

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

Wuxi

Taigang

16,100

2,436

0

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

Wuxi

Taigang

9,650

1,460

↓200

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

Wuxi

Krupp

8,700

1,316

0

17 percent VAT is included in the above prices.

$1 = RMB 6.61


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