China’s domestic stainless steel prices have increased for 304 series products during the past seven days, while moving sideways for other products.
Global nickel prices have continued their upward trend during the past week. On August 25, the three-month nickel price at the London Metal Exchange (LME) closed at $15,005/mt, while LME nickel inventory on the same date totaled 238,494 mt.
Local 304 series stainless steel spot prices have risen in the past week on the back of the increases seen in nickel prices. Some traders have been afraid that prices are too high and have preferred to sell and reduce stock levels in order to avoid risks. As for the week ahead, considering that demand is still normal and that the upstream side still provides strong support for stainless steel prices, it is believed that stainless steel prices may increase in the coming week, but that increase margins may be small.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,000 |
1,592 |
0 |
2 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,800 |
984 |
0 |
1 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,650 |
2,265 |
250 |
39 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,400 |
2,229 |
200 |
32 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,650 |
1,107 |
0 |
1 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,057 |
0 |
1 |
13 percent VAT is included in the above prices.
$1 = RMB 6.908
