In the past seven days, China’s domestic stainless steel spot prices first increased and then declined later in the week, but prices are still slightly higher week on week.
Global nickel prices have fallen significantly during the past week. On September 8, the three-month nickel price at the London Metal Exchange (LME) closed at $14,930/mt, while LME nickel inventory on the same date totaled 236,460 mt.
Overall trading activity is at normal levels in the domestic stainless steel market. The significant drop in nickel prices caused most stainless steel traders to cut their prices in the latter part of the week as they sought to conclude sales and avoid risks. However, most producers kept their ex-works prices stable and started to control their supply volumes. As for the week ahead, considering the weakness of nickel prices, it is believed that domestic stainless steel prices in China may follow a downward trend.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,622 |
100 |
14 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,000 |
1,023 |
150 |
21 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,800 |
2,309 |
-100 |
-16 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,700 |
2,295 |
100 |
13 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,850 |
1,147 |
100 |
14 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,067 |
0 |
-1 |
13 percent VAT is included in the above prices.
$1 = RMB 6.842
