China’s domestic stainless steel prices have mostly showed a strong upward trend in the past seven days.
Global nickel prices have moved up sharply during the past week. On April 21, the three-month nickel price at the London Metal Exchange (LME) closed at $12,160/mt, while LME nickel inventory on the same date totaled 230,016 mt.
Overall trading activity in the Chinese domestic stainless steel market has increased and been at high levels, supporting prices which have also been boosted by the sharp rises in nickel prices. However, market inventory is at normal levels and does not provide much support for higher prices. As for the week ahead, considering the support from nickel prices, it is believed that domestic stainless steel prices may continue to rise but by a smaller margin.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,050 |
1,559 |
50 |
-4 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,500 |
917 |
100 |
8 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,000 |
1,975 |
500 |
57 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,050 |
1,982 |
500 |
57 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,000 |
987 |
-50 |
-14 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,030 |
0 |
-7 |
13 percent VAT is included in the above prices.
$1 = RMB 7.090
