China’s domestic stainless steel market has moved on a downward trend during the past seven days.
Global nickel prices have indicated relatively sharp decreases during the past week. On September 26, the three-month nickel price at the London Metal Exchange (LME) closed at $10,480/mt, while LME nickel inventory on the same date totaled 383,298 mt.
The decreases in nickel prices have been the main cause of the downward trend in the past week of prices in the domestic stainless steel market, where overall trading activity has remained weak, especially due to the ongoing downward price movement. Traders are mostly focused on sales and are willing to offer discounts but the demand side continues to maintain a wait-and-see stance. It is believed domestic stainless steel prices will continue to decline ahead of the National Day Holiday (Oct. 1-8).
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
10,700 |
1,614 |
↓400 |
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,200 |
1,388 |
↓400 |
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,900 |
2,398 |
↓500 |
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
17,200 |
2,594 |
↓600 |
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
9,950 |
1,501 |
↓150 |
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,500 |
1,282 |
0 |
17 percent VAT is included in the above prices.
$1 = RMB 6.63
