China’s domestic stainless steel prices have mostly followed an upward trend during the past seven days.
Global nickel prices have moved up during the past week. On January 19, the three-month nickel price at the London Metal Exchange (LME) closed at $18,175/mt, while LME nickel inventory on the same date totaled 249,090 mt.
Domestic stainless steel prices have continued a mostly upward trend during the past week supported by the increase in nickel prices. Overall trading activity has been weak since the demand side is mostly maintaining a wait-and-see stance, and market inventory is mainly at low levels. Some traders and downstream buyers are already on holiday. Certain traders have been willing to offer discounts in order to close more deals. As for the week ahead, considering that the cost side and low inventory still provide strong support for stainless steel prices, it is believed that domestic steel prices may move up slightly.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,150 |
1,720 |
50 |
2 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,100 |
1,249 |
100 |
11 |
304/2B (1.0 x 1,219 x C) |
Taigang |
16,350 |
2,522 |
250 |
30 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,950 |
2,460 |
100 |
7 |
430/2B (3.0 x 1,219 x C) |
Taigang |
10,000 |
1,542 |
50 |
2 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,200 |
1,265 |
0 |
-5 |
13 percent VAT is included in the above prices.
$1 = RMB 6.484
