China’s domestic stainless steel prices have just indicated minor fluctuations during the past seven days.
Global nickel prices have moved up during the past week. On July 18, the three-month nickel price at the London Metal Exchange (LME) closed at $21,190/mt, while LME nickel inventory on the same date totaled 36,924 mt.
Overall trading activity in the domestic stainless steel market has been weak. Upstream nickel prices have increased, supporting stainless steel prices. However, due to the off-season, most traders are unwilling to increase their quoted prices in order to close more deals. As for the week ahead, considering the weakness of demand side while support from the cost side is still strong, it is believed that stainless steel prices may continue to indicate slight fluctuations.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,700 |
1,776 |
-100 |
-7 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,300 |
1,161 |
100 |
+18 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,400 |
2,154 |
0 |
+8 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,100 |
2,112 |
0 |
+8 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,000 |
1,119 |
-50 |
-3 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,035 |
0 |
+4 |
13 percent VAT is included in the above prices.
$1 = RMB 7.149