China’s domestic stainless steel prices have indicated significant increases in the past seven days.
Global nickel prices have increased during the past week. On May 12, the three-month nickel price at the London Metal Exchange (LME) closed at $12,285/mt, while LME nickel inventory on the same date totaled 233,310 mt.
The increases in nickel prices have caused the domestic stainless steel market to follow a strong upward trend in the past week. Trading activity has improved slightly, giving support to market prices. Certain producers and traders have been unwilling to sell during the past week as they seek to manage their inventories. As for the week ahead, it is believed that domestic stainless steel prices may continue to increase but by smaller margins.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,400 |
1,608 |
350 |
45 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
6,900 |
973 |
400 |
54 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,500 |
2,046 |
600 |
79 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,350 |
2,025 |
400 |
51 |
430/2B (3.0 x 1,219 x C) |
Taigang |
6,900 |
973 |
50 |
4 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,030 |
0 |
-3 |
13 percent VAT is included in the above prices.
$1 = RMB 7.088