China’s domestic stainless steel prices have increased during the past seven days.
Global nickel prices have continued to rise during the past week. On August 11, the three-month nickel price at the London Metal Exchange (LME) closed at $14,330/mt, while LME nickel inventory on the same date totaled 235,890 mt.
Domestic stainless steel prices have increased during the past week, supported by higher nickel prices, Traders have mostly been trying to hold on to stocks and wait for higher prices, although some downticks in the futures market have increased the pressure on prices in the spot market. However, inventories of some stainless steel products are low, which also provides support for stainless steel prices. As for the week ahead, it is believed that domestic stainless steel prices may just indicate slight fluctuations against the backdrop of support from costs and downticks in futures prices.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,000 |
1,580 |
0 |
3 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,750 |
970 |
50 |
9 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,000 |
2,155 |
100 |
19 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,700 |
2,112 |
300 |
48 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
7,450 |
1,070 |
50 |
9 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,049 |
0 |
2 |
13 percent VAT is included in the above prices.
$1 = RMB 6.960