Global nickel prices have softened during the past week. On May 27, the three-month nickel price at the London Metal Exchange (LME) closed at $15,380/mt, while LME nickel inventory on the same date totaled 199,998 mt.
Overall trading activity in the domestic stainless steel market has been sluggish during the past week, while most traders have decided to reduce their prices by small margins given the soft trend of nickel prices and the slowness of demand. As for the week ahead, considering that the support from the cost side is getting weaker, it is believed that stainless steel prices may indicate further small declines.
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Spec. - Grade (mm)
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Origin
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Price
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Weekly change
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(RMB/mt)
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($/mt)
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(RMB/mt)
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($/mt)
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||
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202/No.1 (3.0 x 1,500 x C)
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Guangzhou Lianzhong
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12,500
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1,739
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0
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1
|
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201/No.1 (3.0 x 1,219 x C)
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Guangzhou Lianzhong
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7,300
|
1,015
|
-100
|
-13
|
|
304/2B (1.0 x 1,219 x C)
|
Taigang
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13,850
|
1,927
|
0
|
1
|
|
304/No.1 (3.0 x 1,219 x C)
|
Taigang
|
13,250
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1,843
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-50
|
-6
|
|
430/2B (3.0 x 1,219 x C)
|
Taigang
|
7,350
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1,022
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-50
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-6
|
|
430/No.1 (3.0 x 1,500 x C)
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Taigang
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6,750
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939
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0
|
1
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13 percent VAT is included in the above prices.
$1 = RMB 7.189