China’s domestic stainless steel prices have mostly followed a slight downtrend during the past seven days.
Global nickel prices have softened significantly during the past week. On Feb 3, the three-month nickel price at the London Metal Exchange (LME) closed at $17,395/mt, while LME nickel inventory on the same date totaled 285,528 mt.
Overall trading activity in the domestic stainless steel market has been sluggish during the past week, while prices have softened slightly against the backdrop of sharp declines in nickel prices and slowing market activity ahead of the Chinese New Year holiday. As for the week ahead, it is believed that stainless steel prices may just indicate minor fluctuations as most players will start to exit the market ahead of the long holiday.
| Spec. - Grade (mm) | Origin | Price | Weekly change | ||
| (RMB/mt) | ($/mt) | (RMB/mt) | ($/mt) | ||
| 202/No.1 (3.0 x 1,500 x C) | Guangzhou Lianzhong | 12,350 | 1,776 | 0 | 6 |
| 201/No.1 (3.0 x 1,219 x C) | Guangzhou Lianzhong | 7,950 | 1,143 | -50 | -3 |
| 304/2B (1.0 x 1,219 x C) | Taigang | 15,100 | 2,172 | -100 | -7 |
| 304/No.1 (3.0 x 1,219 x C) | Taigang | 14,400 | 2,071 | -100 | -8 |
| 430/2B (3.0 x 1,219 x C) | Taigang | 7,650 | 1,100 | 0 | 4 |
| 430/No.1 (3.0 x 1,500 x C) | Taigang | 6,900 | 992 | 0 | 3 |
13 percent VAT is included in the above prices.
$1 = RMB 6.953
