China’s domestic stainless steel prices have mostly rebounded during the past seven days.
Global nickel price has showed a fluctuation with slightly upward trend during the past week.
On May 9, the three-month nickel price at the London Metal Exchange (LME) closed at $23,475/mt, while LME nickel inventory on the same date totaled 39,912 mt.
Overall trading activity in the domestic stainless steel market has been slack since traders prefer to wait for higher prices. Both nickel prices and stainless futures prices have showed a rebounding trend, which has supported stainless steel spot prices. However, the demand side has mainly been characterized by a wait-and-see stance. As for the week ahead, amid support from the cost side but weakness on the demand side, it is believed that stainless steel prices may just indicate slight fluctuations.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
13,100 |
1,890 |
0 |
-2 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,800 |
1,270 |
0 |
-1 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
16,250 |
2,345 |
200 |
+27 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,950 |
2,302 |
500 |
+70 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
7,700 |
1,111 |
0 |
-1 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,700 |
1,111 |
0 |
-1 |
13 percent VAT is included in the above prices.
$1 = RMB 6.930