China’s domestic stainless steel prices have continued to move down during the past seven days.
Global nickel prices have increased during the past week. On May 31, the three-month nickel price at the London Metal Exchange (LME) closed at $28,295/mt, while LME nickel inventory on the same date totaled 71,718 mt.
Overall trading activity in the local Chinese stainless steel market has been weak. Supplies have increased strongly lately, causing most traders to reduce their quoted prices in order to close more deals. However, the demand side has maintained a wait-and-see stance and is hoping for lower prices. The rebound seen in nickel prices may give support to stainless steel prices in the coming period. As for the week ahead, it is believed that domestic stainless steel prices may indicate minor fluctuations.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
15,200 |
2,281 |
-200 |
-33 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
9,750 |
1,463 |
-200 |
-32 |
304/2B (1.0 x 1,219 x C) |
Taigang |
20,700 |
3,106 |
-100 |
-20 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
19,850 |
2,978 |
-400 |
-65 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,200 |
1,380 |
-150 |
-25 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,100 |
1,365 |
0 |
-2 |
13 percent VAT is included in the above prices.
$1 = RMB 6.665
