China’s domestic stainless steel prices have followed a mostly stable trend in the past seven days, with some slight decreases also observed.
Global nickel prices have softened during the past week. On August 8, the three-month nickel price at the London Metal Exchange (LME) closed at $20,835/mt, while LME nickel inventory on the same date totaled 37,044 mt.
Overall trading activity in the domestic stainless steel has been slack due to the off-season and as certain areas have been hit by floods, while some traders have decided to reduce their prices due to the decreases seen in nickel prices, though most have maintained a wait-and-see stance and kept their prices stable. As for the week ahead, since the support from the cost side is weakening, it is believed that stainless steel prices may move down slightly.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,900 |
1,802 |
0 |
-6 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,550 |
1,194 |
0 |
-4 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,800 |
2,207 |
-50 |
-14 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,500 |
2,165 |
0 |
-7 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,100 |
1,131 |
0 |
-3 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,020 |
0 |
-3 |
13 percent VAT is included in the above prices.
$1 = RMB 7.159