Local Chinese stainless steel market moves upwards amid higher nickel prices

Wednesday, 18 October 2017 17:53:12 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel market has moved on an overall upward trend during the past seven days.

Global nickel prices have increased in the past week. On October 17, the three-month nickel price at the London Metal Exchange (LME) closed at $11,765mt, while LME nickel inventory on the same date totaled 385,656 mt.

Domestic stainless steel prices have continued their upward trend during the past week, with the support of higher nickel prices, though the increase margins have not been very large due to the slackness of trading activity for stainless steel. Traders are willing to offer certain discounts. Due to environmental measures  stainless steel supply volumes have recently decreased, thereby providing some support for prices. As for the coming week, it is believed that there is only limited room left for the further upward movement of nickel prices and that, accordingly, domestic stainless steel prices may mostly indicate sideways movement, though some slight upticks are also possible.

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

10,900

1,647

↑100

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

Foshan/Lecong

Guangzhou Lianzhong

9,400

1,420

↑100

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

Wuxi

Taigang

16,500

2,492

↑100

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

Wuxi

Taigang

17,500

2,644

↑300

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

Wuxi

Taigang

10,300

1,556

↑200

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

Wuxi

Krupp

8,700

1,314

↑100

17 percent VAT is included in the above prices.

$1 = RMB 6.62


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