China’s domestic stainless steel prices have moved down during the past seven days.
Global nickel prices have softened during the past week. On May 17, the three-month nickel price at the London Metal Exchange (LME) closed at $26,425/mt, while LME nickel inventory on the same date totaled 72,948 mt.
Overall trading activity in the domestic stainless steel market has been weak due to the impact of coronavirus restriction measures, while traders’ prices have declined also given lower levels of stainless steel futures prices and as they sought to close more deals. As for the week ahead, considering weak demand and the lack of support from the cost side, it is believed that stainless steel prices may indicate a slight softening.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
15,400 |
2,284 |
-300 |
-49 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
10,050 |
1,491 |
-300 |
-47 |
304/2B (1.0 x 1,219 x C) |
Taigang |
21,300 |
3,159 |
-200 |
-36 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
20,750 |
3,078 |
-100 |
-21 |
430/2B (3.0 x 1,219 x C) |
Taigang |
9,400 |
1,394 |
-200 |
-32 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
9,100 |
1,350 |
0 |
-3 |
13 percent VAT is included in the above prices.
$1 = RMB 6.742
