China’s domestic stainless steel prices have followed an upward trend during the past seven days.
Global nickel prices have increased during the past week. On January 11, the three-month nickel price at the London Metal Exchange (LME) closed at $21,795/mt, while LME nickel inventory on the same date totaled 99,744 mt.
Traders in the domestic stainless steel market have mostly raised their prices amid support from higher nickel and stainless steel futures prices, while some stainless steel producers also increased their quoted prices, providing strong support for prices in the spot market. However, trading activity has remained weak and increasing supply volumes have limited the upward movement of stainless steel prices. As for the week ahead, it is believed that stainless steel prices may just rise slightly amid the ongoing weakness of demand.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
14,800 |
2,325 |
200 |
40 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
10,150 |
1,594 |
200 |
39 |
304/2B (1.0 x 1,219 x C) |
Taigang |
18,900 |
2,969 |
300 |
59 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
18,600 |
2,922 |
600 |
105 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,050 |
1,422 |
50 |
13 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,250 |
1,453 |
0 |
6 |
13 percent VAT is included in the above prices.
$1 = RMB 6.354
