China’s domestic stainless steel prices have mostly indicated a strong upward trend during the past seven days.
Global nickel prices have also followed a strong uptrend during the past week. On May 12, the three-month nickel price at the London Metal Exchange (LME) closed at $17,995/mt, while LME nickel inventory on the same date totaled 258,270 mt.
Prices of 300 series stainless steel products due to low market inventory and the high correlation with nickel prices have indicated significant increases in the past week, while prices of 400 series products have mainly remained stable due to high inventory. Overall trading activity has increased and is at normal levels. As for the week ahead, considering the strong support from the raw material side, it is thought that domestic stainless steel prices may continue to rise though increase margins may become smaller.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
13,300 |
2,070 |
200 |
50 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,450 |
1,315 |
550 |
97 |
304/2B (1.0 x 1,219 x C) |
Taigang |
17,900 |
2,786 |
1,200 |
210 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
17,900 |
2,786 |
1,450 |
249 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,550 |
1,486 |
0 |
14 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,100 |
1,416 |
0 |
13 |
13 percent VAT is included in the above prices.
$1 = RMB 6.426
