Positive sentiment and low inventory in local Chinese stainless steel market

Wednesday, 07 September 2016 16:26:54 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel market has mostly moved on an increasing trend during the past seven days, though some product prices have moved sideways.

Global nickel prices have indicated upward movement in the past week. On September 6, the three-month nickel price at the London Metal Exchange (LME) closed at $10,110/mt, while LME nickel inventory on the same date totaled 367,896 mt.

Prices of 304 series products have increased in the Chinese domestic stainless steel market during the past week. With the traditional sales season approaching, most traders hold a positive view of the prospects for the domestic market and are seeking to increase their quotations. However, since demand is still on the sluggish side, the increase margins are small. Meanwhile, market inventory is still low and supply volumes have not increased in the past week, and this situation also provides support for stainless steel prices. As for the coming week, it is believed that domestic stainless prices in China will mainly indicate upward movement, with some stable movement of prices also likely.

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

Guangzhou Lianzhong

10,200

1,532

0

201/No.1 (3.0 x 1,219 x C)

Foshan

Guangzhou Lianzhong

7,200

1,081

0

304/2B (1.0 x 1,219 x C)

Wuxi

Taigang

13,400

2,012

↑100

304/No.1(3.0 x 1,219 x C)

Wuxi

Taigang

13,300

1,997

↑150

430/2B (3.0 x 1,219 x C)

Wuxi

Taigang

7,200

1,081

↑50

430/No.1(3.0 x 1,219 x C)

Wuxi

Krupp

6,300

946

0


All prices are ex-warehouse and include 17 percent VAT.

$1 = RMB 6.66

 


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