China’s domestic stainless steel prices have indicated a mostly upward trend during the past seven days.
Global nickel prices have fluctuated up slightly during the past week. On December 29, the three-month nickel price at the London Metal Exchange (LME) closed at $16,885/mt, while LME nickel inventory on the same date totaled 246,798 mt.
Supply in the local Chinese stainless steel market has been impacted by environmental restrictions on production volumes and is currently on the low side, providing support for stainless steel prices. Demand has weakened a little, especially for 300 series products, due to colder weather and the off-season. As for the week ahead, against the backdrop of ongoing strong cost-side support and weak demand, it is believed that local stainless steel prices may just indicate minor fluctuations.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,699 |
0 |
6 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,650 |
1,171 |
400 |
65 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,500 |
2,373 |
100 |
24 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,100 |
2,311 |
0 |
8 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
9,600 |
1,469 |
100 |
20 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,000 |
1,225 |
0 |
4 |
13 percent VAT is included in the above prices.
$1 = RMB 6.533