China’s domestic stainless steel prices have mostly increased during the past seven days.
Global nickel prices have moved up during the past week. On October 11, the three-month nickel price at the London Metal Exchange (LME) closed at $22,045/mt, while LME nickel inventory on the same date totaled 52,026 mt.
Overall trading activity in the domestic stainless steel market has improved slightly after the National Day holiday, leading many traders to increase their quoted price. However, when stainless steel futures prices indicated some declines, some traders chose to reduce their prices. Market inventories have declined and are at low levels since production volumes declined during the holiday period, providing support for stainless steel prices. As for the week ahead, as support from the cost side is still strong, it is believed that stainless steel prices may move up by a small margin.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
13,500 |
1,899 |
0 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
9,150 |
1,287 |
0 |
0 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
17,900 |
2,518 |
100 |
14 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
17,100 |
2,405 |
0 |
0 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
7,700 |
1,083 |
-250 |
-35 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,900 |
1,111 |
100 |
14 |
13 percent VAT is included in the above prices.
$1 = RMB 7.110 (October 12)