China’s domestic stainless steel prices have mostly moved down during the past two weeks.
Global nickel prices have softened during the past two weeks. On October 10, the three-month nickel price at the London Metal Exchange (LME) closed at $18,620/mt, while LME nickel inventory on the same date totaled 43,110 mt.
Overall trading activity in the domestic stainless steel market has remained weak since the holiday period, while prices have softened amid lower nickel prices. Even though demand has indicated a slight recovery after the holiday, most traders have chosen to reduce their quoted prices in order to close more deals. As for the week ahead, considering that the support from the cost side is weak though demand may improve, it is believed that stainless steel prices may soften slightly again.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,850 |
1,790 |
0 |
-1 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,450 |
1,177 |
-100 |
-15 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,550 |
2,166 |
-300 |
-44 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,300 |
2,132 |
-200 |
-30 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,450 |
1,177 |
0 |
-1 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,031 |
0 |
-1 |
13 percent VAT is included in the above prices.
$1 = RMB 7.178