China’s domestic stainless steel prices have either moved sideways or down slightly during the past seven days.
Global nickel prices have moved up during the past week. On August 16, the three-month nickel price at the London Metal Exchange (LME) closed at $22,600/mt, while LME nickel inventory on the same date totaled 56,346 mt.
Overall trading activity in the domestic stainless steel market has been weak due to the offseason. Nickel prices and stainless steel futures prices have increased lately, providing support for stainless steel spot prices. Producers have mostly kept their production volumes at low levels, but demand is also low. Most traders are maintaining a wait-and-see stance and some are willing to reduce their quoted prices in order to close more deals. As for the week ahead, it is believed that stainless steel prices may indicate minor fluctuations.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
14,200 |
2,093 |
0 |
-8 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,750 |
1,289 |
-150 |
-27 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
17,200 |
2,535 |
-300 |
-54 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
16,400 |
2,417 |
0 |
-9 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
7,200 |
1,061 |
0 |
-4 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
8,000 |
1,179 |
0 |
-4 |
13 percent VAT is included in the above prices.
$1 = RMB 6.786