China’s domestic stainless steel prices have followed diverse trends in the past week depending on the product.
Global nickel prices have fluctuated on an upward trend during the past week. On November 10, the three-month nickel price at the London Metal Exchange (LME) closed at $15,905/mt, while LME nickel inventory on the same date totaled 239,292 mt.
300 series stainless steel prices have softened in the past week, whereas prices of 400 series products have moved on an upward trend. Whereas prices of most products declined, prices of 400 series products increased due to support from improving demand. Overall, demand may weaken in the coming period due to the approach of the winter season, though the room for downward price movement is limited due to ongoing support from the cost side. It is believed that local stainless steel prices may fluctuate on a slightly soft trend in the week ahead.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,680 |
0 |
18 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,950 |
1,052 |
0 |
11 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,600 |
2,361 |
-200 |
-5 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
16,050 |
2,429 |
-200 |
-4 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,700 |
1,317 |
150 |
36 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,120 |
0 |
12 |
13 percent VAT is included in the above prices.
$1 = RMB 6.607