Local Chinese stainless steel prices mostly increase

Wednesday, 17 July 2019 16:56:30 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel prices have mostly indicated a strong upward trend in the past seven days, though some product prices have moved sideways.

Global nickel prices have risen significantly during the past week. On July 16, the three-month nickel price at the London Metal Exchange (LME) closed at $14,090/mt, while LME nickel inventory on the same date totaled 149,322 mt.

Prices of the major products in the Chinese domestic stainless steel market, especially 304 series products, have indicated significant increases in the past week on the back of strong rises in nickel prices. Overall trading activity in the stainless steel market has improved a little and is at normal levels, though the improvement has been limited due to the current offseason and the rainy weather. Meanwhile, certain stainless steel producers have reduced their production volumes due to environmental protection measures, providing a certain degree of support for stainless prices. As for the week ahead, it is believed that domestic stainless steel prices may fluctuate in an upward direction.

Specification (mm)

Region

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

202/No.1 (3.0 x 120 x C)

Foshan/Lecong

Guangzhou Lianzhong

10,800

1,570

↑400

201/No.1 (3.0 x 1,219 x C)

Foshan/Lecong

Guangzhou Lianzhong

7,800

1,134

0

304/2B (1.0 x 1,219 x C)

Wuxi

Taigang

15,400

2,238

↑400

304/No.1(3.0 x 1,219 x C)

Wuxi

Taigang

15,500

2,253

↑600

430/2B (3.0 x 1,219 x C)

Wuxi

Taigang

7,800

1,134

0

430/No.1(3.0 x 1,219 x C)

Wuxi

Krupp

7,900

1,148

0

13 percent VAT is included in the above prices.

$1 = RMB 6.88

 


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