Local Chinese stainless steel prices decline further

Wednesday, 18 March 2020 15:42:13 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel prices have continued their decreasing trend during the past seven days.

Global nickel prices have followed a downward trend during the past week. On March 17, the three-month nickel price at the London Metal Exchange (LME) closed at $11,910/mt, while LME nickel inventory on the same date totaled 232,074 mt.

Chinese stainless steel prices have continued their downward trend in the past week, while overall trading activity has been weak even though over 80 percent of production by downstream industry has been resumed. Stainless steel and nickel futures prices have been characterized by a soft trend amid the ongoing downward trend of prices in the domestic stainless steel market. Market inventory has increased further but at a slow pace. As for the week ahead, considering the weakness of demand and the soft trend of raw material prices, it is believed that domestic stainless steel prices may decline further.

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

11,100

1,578

-50

-24

201/No.1 (3.0 x 1,219 x C)

Guangzhou Lianzhong

6,600

938

-100

-24

304/2B (1.0 x 1,219 x C)

Taigang

13,950

1,984

-250

-56

304/No.1 (3.0 x 1,219 x C)

Taigang

13,850

1,969

-100

-35

430/2B (3.0 x 1,219 x C)

Taigang

7,700

1,095

-100

-26

430/No.1 (3.0 x 1,500 x C)

Taigang

7,900

1,123

0

-12

13 percent VAT is included in the above prices.

$1 = RMB 7.033


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