China’s domestic stainless steel prices have fluctuated during the past week, with most prices higher week on week.
Global nickel prices have moved down slightly during the past week. On September 2, the three-month nickel price at the London Metal Exchange (LME) closed at $15,240/mt, while LME nickel inventory on the same date totaled 210,234 mt.
Domestic stainless steel prices first increased during the past week and then saw a small correction, mirroring a similar trend in nickel prices, though most stainless steel prices increased on week-on-week basis. Overall trading activity for stainless steel improved but started to slow down as prices increased since buyers began to adopt a wait-and-see stance. As for the week ahead, considering that the support from the cost side is still strong, it is believed that stainless steel prices may just indicate minor fluctuations.
| Spec. - Grade (mm) | Origin | Price | Weekly change | ||
| (RMB/mt) | ($/mt) | (RMB/mt) | ($/mt) | ||
| 202/No.1 (3.0 x 1,500 x C) | Guangzhou Lianzhong | 12,350 | 1,737 | 0 | 0 |
| 201/No.1 (3.0 x 1,219 x C) | Guangzhou Lianzhong | 7,500 | 1,055 | 0 | 0 |
| 304/2B (1.0 x 1,219 x C) | Taigang | 14,050 | 1,976 | 250 | 35 |
| 304/No.1 (3.0 x 1,219 x C) | Taigang | 13,400 | 1,884 | 100 | 14 |
| 430/2B (3.0 x 1,219 x C) | Taigang | 7,500 | 1,055 | 50 | 7 |
| 430/No.1 (3.0 x 1,500 x C) | Taigang | 6,650 | 935 | 0 | 0 |
13 percent VAT is included in the above prices.
$1 = RMB 7.111
