China’s domestic stainless steel prices have mostly continued to increase in the past seven days.
Global nickel prices have softened slightly in the past week, having first increased and then declined. On January 12, the three-month nickel price at the London Metal Exchange (LME) closed at $17,685/mt, while LME nickel inventory on the same date totaled 249,198 mt.
Overall trading activity in the domestic stainless steel market has been weak since traders have low inventories and as demand has been impacted by the cold weather. Producers’ quoted prices have mostly risen on the back of rising costs, but the increase margin has been smaller this time due to the recent decreases in nickel prices. As for the week ahead, it is believed that stainless steel prices in China may move upwards against a backdrop of high costs and weak demand.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,718 |
0 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,000 |
1,238 |
-50 |
-8 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
16,100 |
2,492 |
250 |
38 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,850 |
2,453 |
500 |
77 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
9,950 |
1,540 |
150 |
23 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,200 |
1,269 |
0 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 6.461