China’s domestic stainless steel prices have continued to decline for 304 series products during the past seven days, while moving sideways for other products.
Global nickel prices have moved down sharply during the past week due to the news that Indonesia will again start to export nickel. On November 12, the three-month nickel price at the London Metal Exchange (LME) closed at $15,640/mt, while LME nickel inventory on the same date totaled 65,412 mt.
Overall trading activity in the domestic stainless market has remained at low levels. Most traders have been willing to offer certain discounts in order to close more deals. Production volumes have recently remained at high levels, resulting in reductions in producers’ quotations. As for the week ahead, considering the softening of nickel prices and high market inventories, it is believed that domestic stainless steel prices will follow a downward trend.
|
Specification (mm) |
Region |
Producer |
Price |
Price |
Change w-o-w |
|
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
|||
|
202/No.1 (3.0 x 1,500 x C) |
Foshan |
Guangzhou Lianzhong |
11,400 |
1,628 |
0 |
+1 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan |
Guangzhou Lianzhong |
7,500 |
1,071 |
0 |
+1 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
16,150 |
2,306 |
-150 |
-20 |
|
304/No.1 (3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,950 |
2,278 |
-150 |
-20 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,250 |
1,178 |
0 |
+1 |
|
430/No.1 (3.0 x 1,500 x C) |
Wuxi |
Taigang |
7,900 |
1,128 |
0 |
+1 |
13 percent VAT is included in the above prices.
$1 = RMB 7.003