China’s domestic stainless steel prices have moved either downward or sideways in the past seven days.
Global nickel prices have followed a soft trend during the past week. On May 7, the three-month nickel price at the London Metal Exchange (LME) closed at $12,050/mt, while LME nickel inventory on the same date totaled 172,788 mt.
The LME three-month nickel price moved downwards during the Labor Day holiday period, contributing to declines in some domestic stainless steel prices in China. Overall trading activity for stainless steel had increased before the holiday but remained sluggish after the holiday. Mostly traders have lately been willing to offer certain discounts in order to close more deals. Domestic stainless steel producers’ quotations have mostly remained stable, providing support for market prices. It is believed that stainless steel prices in the Chinese market may follow a downward trend during the coming week due to the weakness of nickel prices.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
10,300 |
1,519 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,200 |
1,209 |
↓250 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,000 |
2,212 |
↓50 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
14,900 |
2,198 |
0 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,200 |
1,209 |
0 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,000 |
1,180 |
↓100 |
13 percent VAT is included in the above prices.
$1 = RMB 6.78