China’s domestic stainless steel prices have mostly indicated a downward trend during the past seven days.
In the past week, global nickel prices first increased and then declined, with prices now lower on week-on-week basis. On December 22, the three-month nickel price at the London Metal Exchange (LME) closed at $16,710/mt, while LME nickel inventory on the same date totaled 245,064 mt.
Domestic stainless steel prices in the domestic market have mostly followed a downward trend in the past week due to the decline in nickel prices and the sharp decreases in producers’ stainless steel quoted prices. Prices of certain products rose by a small margin due to low market inventory. Overall trading activity has been weak due to the off-season and the downward trend of prices. As for the week ahead, considering the weakness of the nickel market and the low demand volume, it is believed that domestic stainless steel prices may fluctuate on a soft trend.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,693 |
0 |
-5 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,250 |
1,106 |
50 |
4 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,400 |
2,349 |
-200 |
-38 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,100 |
2,303 |
-550 |
-91 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
9,500 |
1,449 |
50 |
3 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,000 |
1,220 |
300 |
42 |
13 percent VAT is included in the above prices.
$1 = RMB 6.556