China’s domestic stainless steel prices have continued their decreasing trend during the past seven days.
Global nickel prices have declined during the past week. On March 24, the three-month nickel price at the London Metal Exchange (LME) closed at $11,280/mt, while LME nickel inventory on the same date totaled 230,220 mt.
Overall trading activity in the domestic stainless steel market has increased in the past week and market inventory has declined slightly. With the coronavirus impacting the global financial markets, upstream nickel prices and other raw material futures prices have mostly decreased, causing local stainless steel prices to follow a similar trend. Also, traders have been ready to reduce their prices in order to close more deals. As for the week ahead, it is believed that stainless steel prices in China may continue their downward trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,000 |
1,555 |
-100 |
-23 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,500 |
919 |
-100 |
-20 |
304/2B (1.0 x 1,219 x C) |
Taigang |
13,750 |
1,944 |
-200 |
-40 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
13,700 |
1,937 |
-150 |
-33 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,400 |
1,046 |
-300 |
-49 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,600 |
1,074 |
-300 |
-49 |
13 percent VAT is included in the above prices.
$1 = RMB 7.074
