In the past seven days, China’s domestic stainless steel prices first increased but then started to move back down.
Global nickel prices indicated minor fluctuations during the past week. On November 17, the three-month nickel price at the London Metal Exchange (LME) closed at $15,900/mt, while LME nickel inventory on the same date totaled 239,292 mt.
Overall trading activity in the domestic stainless steel market has been weak. Stainless steel prices mostly rose at the beginning of past week, but stainless producers reduced their quoted prices strongly and most trader were forced to follow suit and decrease their prices also. However, the relatively high levels of nickel prices still provided support for prices of some stainless steel products, which are still up slightly on week-on-week basis. As for the week ahead, it is believed that domestic stainless steel prices may move down slightly as demand may weaken.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,100 |
1,692 |
0 |
12 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,000 |
1,067 |
50 |
15 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,300 |
2,333 |
-300 |
-28 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
16,100 |
2,455 |
50 |
25 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,750 |
1,334 |
50 |
17 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,400 |
1,128 |
0 |
8 |
13 percent VAT is included in the above prices.
$1 = RMB 6.559
