China’s domestic stainless steel prices have mostly moved sideways in the past seven days, though with slight downticks also seen for certain products.
In the past week, global nickel prices first moved upwards but then softened, with prices now lower compared to one week earlier. On January 22, the three-month nickel price at the London Metal Exchange (LME) closed at $11,595/mt, while LME nickel inventory on the same date totaled 202,668 mt.
The Chinese domestic stainless steel market has mostly followed a stable trend in the past week, with support from increases in nickel prices in the early part of the past week, though increases in supply of certain products and the subsequent softening of nickel prices have contributed to downticks in some product prices. Overall trading activity for stainless steel has remained at low levels and may slacken further due to the approach of the Chinese New Year holiday. As for the week ahead, it is thought that downstream demand may remain weak. It is believed that local stainless steel prices may mostly move sideways in the coming week, with minor declines in prices also possible.
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
10,000 |
1,473 |
0 |
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,900 |
1,311 |
0 |
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,150 |
2,231 |
0 |
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
14,900 |
2,194 |
↓50 |
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,000 |
1,178 |
↓50 |
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,200 |
1,208 |
0 |
16 percent VAT is included in the above prices.
$1 = RMB 6.79