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