China’s domestic stainless steel prices have mostly continued to rise during the past seven days, though some product prices have moved sideways.
Global nickel prices have continued their upward trend during the past week. On July 23, the three-month nickel price at the London Metal Exchange (LME) closed at $14,350/mt, while LME nickel inventory on the same date totaled 146,670 mt.
Domestic stainless steel prices have mostly moved upwards in the past week on the back of the comparatively larger increases seen in nickel prices. Overall trading activity has improved and is now at normal levels, though demand is still showing some weakness due to the offseason and the implementation of environment protection measures. However, with most stainless steel prices continuing to increase recently, some downstream buyers have chosen to increase their inventories. As for the week ahead, it is believed that domestic stainless steel prices could revert to a downward trend following recent increases if nickel prices show signs of softening.
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
11,800 |
1,715 |
↑200 |
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
7,800 |
1,134 |
0 |
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,750 |
2,289 |
↑350 |
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,800 |
2,297 |
↑300 |
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
7,800 |
1,134 |
0 |
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
7,900 |
1,148 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 6.88
