China’s domestic stainless steel prices have mostly followed a downward trend during the past seven days.
Global nickel prices have softened during the past week. On September 26, the three-month nickel price at the London Metal Exchange (LME) closed at $18,890/mt, while LME nickel inventory on the same date totaled 41,328 mt.
Overall trading activity in the domestic stainless steel market has remained weak and demand has not improved ahead of the National Day holiday, while prices have decreased mainly due to lower nickel prices. Most traders have been willing to offer discounts in order to close more deals, but buyers have mostly maintained a wait-and-see stance. Decreases in billet prices have also contributed to the declines in stainless steel prices. As for the week ahead, since support from the cost side is weakening, it is believed that stainless steel prices may continue to move down.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,850 |
1,792 |
0 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,550 |
1,192 |
-100 |
-14 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,850 |
2,210 |
-250 |
-35 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,500 |
2,161 |
-150 |
-21 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,450 |
1,178 |
0 |
0 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,032 |
0 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 7.172