China’s domestic stainless steel prices have mostly followed an upward trend during the past seven days.
Global nickel prices are down slightly week on week. On January 26, the three-month nickel price at the London Metal Exchange (LME) closed at $18,090/mt, while LME nickel inventory on the same date totaled 248,688 mt.
Chinese stainless steel producers have mostly increased their quoted prices, causing most traders in the market to follow suit. Overall trading activity is at low levels due to the ongoing off-season. Hot rolled stainless prices have increased more compared to cold rolled stainless steel prices since hot rolled inventory is lower. As for the week ahead, it is believed that domestic stainless steel prices may follow a stable trend, with some slight downticks, while demand weakens further as the Chinese New Year holiday approaches.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,150 |
1,724 |
0 |
5 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,250 |
1,276 |
150 |
26 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
16,350 |
2,528 |
0 |
7 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
16,550 |
2,559 |
600 |
99 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
10,150 |
1,570 |
150 |
27 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,400 |
1,299 |
200 |
34 |
13 percent VAT is included in the above prices.
$1 = RMB 6.467