China’s domestic stainless steel prices have fluctuated by small margins in the past week, with prices mostly up slightly week on week.
Global nickel prices have moved upwards during the past week. On July 7, the three-month nickel price at the London Metal Exchange (LME) closed at $13,400/mt, while LME nickel inventory on the same date totaled 234,216 mt.
Overall trading activity in the domestic stainless steel market has been slack in the past week. The uptrend of nickel prices has been the main factor causing traders to raise their stainless steel prices slightly. However, downstream demand has remained weak due to bad weather, while supply volumes have increased a little, which also exerts pressure on stainless steel prices. As for the week ahead, considering costs are going up, it is believed that domestic stainless steel prices may indicate minor upticks.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,000 |
1,567 |
-50 |
4 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,700 |
954 |
-50 |
0 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
14,400 |
2,051 |
100 |
29 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,300 |
2,037 |
-50 |
7 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
7,350 |
1,047 |
150 |
29 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,200 |
1,025 |
0 |
7 |
13 percent VAT is included in the above prices.
$1 = RMB 7.021