China’s domestic stainless steel prices have mostly followed a downward trend during the past seven days.
Global nickel prices have fluctuated in a downward direction during the past week. On April 20, the three-month nickel price at the London Metal Exchange (LME) closed at $15,980/mt, while LME nickel inventory on the same date totaled 264,474 mt.
Stainless steel prices have followed a mostly downward trend during the past week amid declining nickel prices, while overall trading activity for stainless steel has been weak. Most producers have reduced their quoted prices, leading the majority of traders to follow suit. Inventories of certain stainless products have been at high levels, resulting in larger price decreases. Traders have been willing to offer certain discounts in order to close more deals but the demand side has mostly maintained a wait-and-see stance. As for the week ahead, considering that supply may increase, it is believed that domestic stainless steel prices may fluctuate on a soft trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
13,100 |
2,014 |
0 |
10 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,900 |
1,214 |
-400 |
-55 |
304/2B (1.0 x 1,219 x C) |
Taigang |
16,350 |
2,513 |
-300 |
-34 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
16,550 |
2,544 |
-200 |
-19 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,800 |
1,507 |
-250 |
-31 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,100 |
1,399 |
0 |
7 |
13 percent VAT is included in the above prices.
$1 = RMB 6.505
