In the past seven days China’s domestic stainless steel prices first moved down before rebounding later.
Global nickel prices have moved upward during the past week. On June 3, the three-month nickel price at the London Metal Exchange (LME) closed at $12,875/mt, while LME nickel inventory on the same date totaled 232,812 mt.
In the past week, domestic stainless steel prices first decreased and then rebounded. Overall trading activity has been weak. Most traders chose to slightly reduce their quoted prices in order to close more deals before the end of the month of May. But with upstream nickel prices increasing during the end of last week, most stainless steel prices subsequently started to rebound. Market inventory is at normal levels. As for the week ahead, against the backdrop of nickel price increases and weak demand for stainless steel, it is believed that local stainless steel prices may just indicate slight fluctuations.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,350 |
1,597 |
0 |
0 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,800 |
957 |
0 |
0 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,400 |
2,026 |
0 |
1 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,350 |
2,019 |
100 |
15 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,050 |
992 |
150 |
21 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,200 |
1,013 |
0 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 7.107
