China’s domestic stainless steel prices have continued their downward trend during the past seven days.
Global nickel prices have risen slightly during the past week. On June 21, the three-month nickel price at the London Metal Exchange (LME) closed at $26,095/mt, while LME nickel inventory on the same date totaled 68,736 mt.
Domestic stainless steel prices have continued their downward trend but with smaller decrease margins compared to the previous week. Overall trading activity has been slow since stainless steel prices keep decreasing both in the spot and futures markets. Recent rises in nickel prices provide some support for stainless steel prices. Supply is down slightly since some producers have chosen to reduce their production volumes due to low profit margins. As for the week ahead, it is believed that stainless steel prices may soften by a small margin.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
14,750 |
2,198 |
-50 |
6 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
9,250 |
1,378 |
-150 |
-14 |
304/2B (1.0 x 1,219 x C) |
Taigang |
19,700 |
2,935 |
-200 |
-12 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
18,700 |
2,786 |
-300 |
-28 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,600 |
1,281 |
-300 |
-37 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,800 |
1,311 |
-200 |
-22 |
13 percent VAT is included in the above prices.
$1 = RMB 6.711 (June 22)
