Local Chinese stainless steel market mostly moves sideways

Wednesday, 25 January 2017 17:58:11 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel market has mostly moved on a stable trend during the past seven days, though with some downticks also seen in prices.
 
Global nickel prices have fluctuated on a downward trend during the past week. On January 24, the three-month nickel price at the London Metal Exchange (LME) closed at $9,790mt, while LME nickel inventory on the same date totaled 375,504 mt.
 
Trading activity has almost ground to a halt in the local Chinese stainless steel market in the past week as most producers and traders have already exited the market ahead of the Chinese New Year holiday, while the downticks seen in some prices have been due to the downward trend of nickel prices over the past two weeks. As for the coming week, domestic stainless steel prices are expected to follow a stable trend, while stable movement with some downticks will also likely be seen after the holiday, with market players expected to take their time in returning from their holidays. 
 

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

9,900

1,439

0

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

Foshan/Lecong

Guangzhou Lianzhong

9,800

1,424

0

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

Wuxi

Taigang

16,500

2,398

↓700

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

Wuxi

Taigang

16,750

2,435

0

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

Wuxi

Taigang

9,500

1,381

0

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

Wuxi

Krupp

9,100

1,323

0

 
All prices are ex-warehouse and include 17 percent VAT.
 
$1 = RMB 6.88


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