China’s domestic stainless steel prices have continued to follow a downward trend during the past seven days.
Global nickel prices have declined during the past week. On July 19, the three-month nickel price at the London Metal Exchange (LME) closed at $20,600/mt, while LME nickel inventory on the same date totaled 62,364 mt.
Overall trading activity in the domestic stainless steel market has been slack due to the impact of Covid-19 on the local markets in Wuxi and Foshan market, while, amid soft nickel prices and weak demand, most traders have reduced their quoted prices in order to close more deals and reduce risks. As for the week ahead, it is believed that stainless steel prices may continue their downward trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
14,200 |
2,105 |
0 |
-6 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,850 |
1,312 |
-100 |
-19 |
304/2B (1.0 x 1,219 x C) |
Taigang |
18,100 |
2,683 |
-750 |
-119 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
17,400 |
2,579 |
-200 |
-37 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,200 |
1,067 |
-400 |
-62 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,500 |
1,260 |
-200 |
-33 |
13 percent VAT is included in the above prices.
$1 = RMB 6.747
