In the past week, China’s domestic stainless steel prices first increased but later declined, returning to their previous levels.
Global nickel prices have mostly fluctuated on an upward trend during the past week. On February 19, the three-month nickel price at the London Metal Exchange (LME) closed at $12,675/mt, while LME nickel inventory on the same date totaled 200,568 mt.
With the strong performance of nickel prices during the Chinese New Year period, domestic stainless steel prices mostly followed an upward trend at the beginning of the past week but mainly softened at the start of the current week as many buyers had still not returned from their holiday. While market inventory has lately increased, demand is expected to improve in the coming days. Overall, domestic stainless steel prices are expected to move sideways or rise slightly in the coming week, supported by improving demand and the strength of nickel prices.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
10,000 |
1,488 |
0 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,900 |
1,324 |
0 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,400 |
2,292 |
0 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,000 |
2,232 |
0 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,050 |
1,198 |
0 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,200 |
1,220 |
0 |
16 percent VAT is included in the above prices.
$1 = RMB 6.72