China’s domestic stainless steel prices have moved sideways or down slightly during the past seven days.
Global nickel prices edged up during the Chinese New Year holiday period. On February 20, the three-month nickel price at the London Metal Exchange (LME) closed at $16,470/mt, while LME nickel inventory on the same date totaled 70,320 mt.
Overall trading activity in the domestic stainless steel market has remained at low levels since downstream buyers have not fully returned to the market, negatively affecting prices. Upstream nickel prices have increased, providing some support for stainless steel prices. As for the week ahead, it is believed that stainless steel prices may rebound slightly since demand is expected to improve gradually.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,800 |
1,802 |
0 |
1 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,800 |
1,239 |
0 |
0 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,550 |
2,048 |
-150 |
-21 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,050 |
1,978 |
-50 |
-6 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,250 |
1,161 |
0 |
0 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,028 |
0 |
0 |
13 percent VAT is included in the above prices.
$1 = RMB 7.103
