Local Chinese stainless steel prices mostly continue their soft trend

Wednesday, 11 March 2020 18:00:59 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel prices have mostly continued their downward trend during the past seven days.

Global nickel prices have continued to fluctuate on a slightly upward trend during the past week. On March 10, the three-month nickel price at the London Metal Exchange (LME) closed at $12,735/mt, while LME nickel inventory on the same date totaled 234,486 mt.

Domestic stainless market prices have continued a slightly downward trend during the past week. Overall trading activity in the Chinese domestic stainless steel market has been at normal levels in the past week. Most domestic stainless steel producers have reduced their quoted prices by a small margin, causing traders to hold a mainly negative view of the market situation. Although the demand side has improved a little, most deals have been for the cheaper type of products. Traders are generally under pressure from tight funds and have been willing to slightly reduce their prices in order to close more deals. It is believed that local stainless steel prices may follow a slight downtrend again during the coming week.

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

11,150

1,602

-50

-9

201/No.1 (3.0 x 1,219 x C)

Guangzhou Lianzhong

6,700

963

-200

-30

304/2B (1.0 x 1,219 x C)

Taigang

14,200

2,040

-300

-46

304/No.1 (3.0 x 1,219 x C)

Taigang

13,950

2,004

-150

-24

430/2B (3.0 x 1,219 x C)

Taigang

7,800

1,121

-50

-9

430/No.1 (3.0 x 1,500 x C)

Taigang

7,900

1,135

0

-2

13 percent VAT is included in the above prices.

$1 = RMB 6.961


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