China’s domestic stainless steel prices have followed a slightly upward during past week.
Global nickel price has fluctuated with small upticks during past week. On May 26, the three-month nickel price at the London Metal Exchange (LME) closed at $19,010/mt, while LME nickel inventory on the same date totaled 278, 886 mt.
LME three month nickel price has fluctuated with upward trend during past week. Domestic stainless steel prices have indicated a slight rebound during past week. Overall trading activity has been normal. Upstream nickel prices moved on an upward trend, mainly supporting stainless steel prices. Meanwhile, demand side recently have indicated an upward tendency which also gives traders certain confidence. As for the week ahead, considering decent demand may not last long since summer weather is approaching, it is believed that stainless steel prices may see small fluctuations.
| Spec. - Grade (mm) | Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
| 202/No.1 (3.0 x 1,500 x C) | Guangzhou Lianzhong |
12,450 |
1,823 |
50 |
10 |
| 201/No.1 (3.0 x 1,219 x C) | Guangzhou Lianzhong |
8,450 |
1,237 |
100 |
17 |
| 304/2B (1.0 x 1,219 x C) | Taigang |
16,000 |
2,343 |
100 |
18 |
| 304/No.1 (3.0 x 1,219 x C) | Taigang |
15,200 |
2,226 |
0 |
4 |
| 430/2B (3.0 x 1,219 x C) | Taigang |
7,650 |
1,120 |
50 |
9 |
| 430/No.1 (3.0 x 1,500 x C) | Taigang |
6,900 |
1,010 |
50 |
9 |
13 percent VAT is included in the above prices.
$1 = RMB 6.829
