In the past week, China’s domestic stainless steel prices first indicated a decline and then started to rebound.
Global nickel prices have fluctuated on an upward trend during the past week. On November 25, the three-month nickel price at the London Metal Exchange (LME) closed at $16,255/mt, while LME nickel inventory on the same date totaled 240,174mt.
Early in the past week, stainless steel producers decreased their quoted prices and prices of the main stainless steel grades in the spot market followed the downward trend. However, with nickel prices starting rebounding and lower stainless steel prices attracting traders, trading activity for stainless steel increased and prices started to rebound. As for the week ahead, considering demand may weaken in the coming period, it is believed that stainless steel prices may fluctuate on a slightly soft trend.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,688 |
0 |
-4 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,000 |
1,065 |
0 |
-3 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
15,100 |
2,297 |
-200 |
-36 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
15,600 |
2,373 |
-500 |
-82 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,800 |
1,338 |
50 |
4 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,600 |
1,156 |
200 |
28 |
13 percent VAT is included in the above prices.
$1 = RMB 6.575