China’s domestic stainless steel prices have increased in the past seven days amid higher futures prices.
Global nickel prices have decreased during the past week. On October 18, the three-month nickel price at the London Metal Exchange (LME) closed at $21,876/mt, down by $169/mt week on week, while LME nickel inventory on the same date totaled 54,270 mt, up 2,244 mt or 4.31 percent compared to a week ago.
Stainless steel futures prices at Shanghai Futures Exchange (SHFE) have moved on an uptrend, signaling bullish sentiments towards the prospects for the future market. However, demand has not seen any significant improvement yet, though traders have been active in transaction activities. It is thought that stainless steel prices in China may continue to rise in the coming week, though time is needed to observe demand from downstream users.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
13,500 |
1,901 |
0 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
9,200 |
1,296 |
+50 |
+7 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
18,150 |
2,553 |
+250 |
+35 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
17,300 |
2,433 |
+200 |
+28 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
7,800 |
1,097 |
+100 |
+14 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,950 |
1,118 |
+50 |
+7 |
13 percent VAT is included in the above prices.
$1 = RMB 7.1105 (October 19)