China’s domestic stainless steel prices have followed a very strong upward trend during the past seven days.
Global nickel prices have increased sharply during the past week. On January 6, the three-month nickel price at the London Metal Exchange (LME) closed at $18,430/mt, while LME nickel inventory on the same date totaled 255,546 mt.
Overall trading activity in the local Chinese stainless steel market has remained lackluster during the past week since most traders are not selling for now but are holding on their stocks and waiting for higher prices. Prices have increased sharply over the past week, especially for the main 304 series products, boosted by the sharp rises seen in nickel prices and in stainless steel futures prices. Indonesia's nickel ore exports are expected to tighten and this has driven up nickel prices. As for the week ahead, considering the uncertainty of the macroeconomic situation, it is believed that stainless steel prices may increase further.
| Spec. - Grade (mm) | Origin | Price | Weekly change | ||
| (RMB/mt) | ($/mt) | (RMB/mt) | ($/mt) | ||
| 202/No.1 (3.0 x 1,500 x C) | Guangzhou Lianzhong | 12,200 | 1,738 | 0 | 2 |
| 201/No.1 (3.0 x 1,219 x C) | Guangzhou Lianzhong | 7,800 | 1,111 | 200 | 30 |
| 304/2B (1.0 x 1,219 x C) | Taigang | 14,950 | 2,130 | 1,000 | 145 |
| 304/No.1 (3.0 x 1,219 x C) | Taigang | 14,000 | 1,995 | 750 | 110 |
| 430/2B (3.0 x 1,219 x C) | Taigang | 7,550 | 1,076 | 50 | 9 |
| 430/No.1 (3.0 x 1,500 x C) | Taigang | 6,800 | 969 | 0 | 1 |
13 percent VAT is included in the above prices.
$1 = RMB 7.0129
