During the past week, China’s domestic stainless steel prices have either moved sideways or increased, with the price increases seen for 304 series products on the back of higher nickel prices and rises in stainless steel futures prices.
Global nickel prices have followed an upward trend during the past week. On May 22, the three-month nickel price at the London Metal Exchange (LME) closed at $21,290/mt, while LME nickel inventory on the same date totaled 82,074 mt.
Overall trading activity in the domestic stainless steel market has increased and is considered to be at normal levels. As for the week ahead, since the support from the cost side is strong, it is believed that stainless steel prices may fluctuate on an upward trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,800 |
1,801 |
0 |
-1 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,600 |
1,210 |
0 |
-1 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,800 |
2,082 |
250 |
34 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,100 |
1,984 |
200 |
27 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,100 |
1,140 |
0 |
0 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,027 |
0 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 7.108