China’s domestic stainless steel prices have continued a downward trend during the past seven days.
Global nickel prices have declined during the past week. On June 28, the three-month nickel price at the London Metal Exchange (LME) closed at $23,145/mt, while LME nickel inventory on the same date totaled 67,320 mt.
Overall trading activity in the domestic stainless steel has remained weak since prices have continued to decrease and also given adverse weather conditions and the off-season for business. Declining nickel prices have also caused stainless steel prices to move down. Wuxi has recently been impacted by coronavirus measures, causing a certain amount of panic among traders, who have been willing to offer discounts in order to close more deals. As for the week ahead, it is believed that stainless steel prices may still be characterized by a soft trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
14,200 |
2,118 |
-550 |
-80 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,950 |
1,335 |
-300 |
-43 |
304/2B (1.0 x 1,219 x C) |
Taigang |
19,000 |
2,834 |
-700 |
-101 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
17,900 |
2,670 |
-800 |
-116 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,300 |
1,238 |
-300 |
-43 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,600 |
1,283 |
-200 |
-28 |
13 percent VAT is included in the above prices.
$1 = RMB 6.704
