China’s domestic stainless steel prices have mostly indicated a strong upward trend during the past seven days.
Global nickel prices have continued to fluctuate on a rising trend in the past week. On May 29, the three-month nickel price at the London Metal Exchange (LME) closed at $14,905/mt, while LME nickel inventory on the same date totaled 294,804 mt.
Overall trading activity in the Chinese domestic stainless steel market is at good levels. With the shutdown of medium-frequency furnaces in Dainan at the end of last week due to environmental measures, prices in the stainless steel market increased significantly. The stainless production volume from the Dainan area is usually around 100,000 mt per month and it is thought that the output volume may be reduced to 70,000 mt per month after the shutdown of the furnaces in question. Sentiment in the market has improved and both traders and downstream users have sought to increase their stocks. It is thought that stainless steel prices in China may continue their upward trend in the week ahead.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,900 |
1,542 |
↑350 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,400 |
1,308 |
↑350 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
16,000 |
2,492 |
↑450 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
16,500 |
2,570 |
↑600 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,500 |
1,324 |
0 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,400 |
1,308 |
0 |
16 percent VAT is included in the above prices.
$1 = RMB 6.42