China’s domestic stainless steel prices have continued to soften in the past seven days.
Global nickel prices have continued to move down significantly during the past week. On November 19, the three-month nickel price at the London Metal Exchange (LME) closed at $14,640/mt, while LME nickel inventory on the same date totaled 66,174 mt.
Domestic stainless steel prices have maintained their downward trend during the past week mainly due to the sharp declines in nickel prices after Indonesia’s decision to resume nickel exports. Stainless steel supply volumes in China are still at high levels, though production volumes are expected to decrease in December. Market inventory has risen slightly and demand is mostly weak. As for the week ahead, considering the weakness of nickel prices and high supply volumes, it is believed that domestic stainless steel prices will continue their downward trend.
|
Specification (mm) |
Region |
Producer |
Price |
Price |
Change w-o-w |
|
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
|||
|
202/No.1 (3.0 x 1,500 x C) |
Foshan |
Guangzhou Lianzhong |
11,300 |
1,612 |
-100 |
-16 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan |
Guangzhou Lianzhong |
7,300 |
1,041 |
-200 |
-30 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
16,000 |
2,282 |
-150 |
-24 |
|
304/No.1 (3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,650 |
2,232 |
-300 |
-46 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,200 |
1,169 |
-50 |
-9 |
|
430/No.1 (3.0 x 1,500 x C) |
Wuxi |
Taigang |
7,900 |
1,127 |
0 |
-1 |
13 percent VAT is included in the above prices.
$1 = RMB 7.012