China’s domestic stainless steel prices have mostly followed a stable trend during the past seven days.
Global nickel prices have softened during the past week. On July 4, the three-month nickel price at the London Metal Exchange (LME) closed at $20,510/mt, while LME nickel inventory on the same date totaled 38,484 mt.
Overall trading activity in the stainless steel market has been weak due to the off-season and the hot summer weather. Most traders have been willing to offer lower prices in order to close more deals but, since the demand side has mostly kept a wait-and-see stance, the effect has been quite limited. Stainless steel future prices have also softened, which exerts pressure on the spot market. As for the week ahead, considering the weakness of both costs and demand, it is believed that stainless steel prices may decline slightly.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
13,000 |
1,806 |
0 |
+3 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,450 |
1,174 |
-150 |
-19 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,400 |
2,140 |
-250 |
-31 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,150 |
2,105 |
-200 |
-24 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,100 |
1,125 |
0 |
+2 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,500 |
1,042 |
0 |
+2 |
13 percent VAT is included in the above prices.
$1 = RMB 7.197 (July 5)