China’s domestic stainless steel prices have fluctuated upward during the past seven days.
Global nickel prices have risen strongly during the past week. On July 25, the three-month nickel price at the London Metal Exchange (LME) closed at $22,460/mt, while LME nickel inventory on the same date totaled 37,614 mt.
Overall trading activity in the domestic stainless steel market has slightly increased but is still weak due to the off-season, while traders have increased their quoted prices on the back of the significant increases in nickel prices. Meanwhile, production volumes are down slightly due to production restrictions in some areas, and this has also supported stainless prices. As for the week ahead, it is believed that stainless steel prices may just see minor fluctuations as the demand side is expected to maintain a wait-and-see stance after the latest price increases.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,900 |
1,809 |
200 |
33 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,550 |
1,199 |
250 |
38 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
16,000 |
2,244 |
600 |
90 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,500 |
2,174 |
400 |
62 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,050 |
1,129 |
50 |
10 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,038 |
0 |
3 |
13 percent VAT is included in the above prices.
$1 = RMB 7.130