China’s domestic stainless steel prices have continued a mostly stable trend in the past week, with minor fluctuations in prices of some products.
Global nickel prices have fluctuated on a soft trend during the past week. On November 3, the three-month nickel price at the London Metal Exchange (LME) closed at $15,340/mt, while LME nickel inventory on the same date totaled 238,674 mt.
Overall trading activity in the stainless steel market has been at normal levels in the past seven days. The soft trend of nickel prices caused stainless steel futures prices to also follow a downward trend, but stainless steel spot prices mostly remained stable since producers were mainly unwilling to reduce their quoted prices. Some traders chose to adjust their quoted prices slightly according to their inventory levels. As for the week ahead, it is believed that local stainless steel prices may follow a slightly soft trend as demand may slacken due to the approaching winter season.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,662 |
0 |
11 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,950 |
1,041 |
0 |
7 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,800 |
2,366 |
-100 |
0 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
16,250 |
2,434 |
0 |
16 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,550 |
1,281 |
50 |
16 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,108 |
0 |
7 |
13 percent VAT is included in the above prices.
$1 = RMB 6.667
