China’s domestic stainless steel market has indicated a strong upward trend during the past seven days.
Global nickel prices have increased significantly during the past week. On July 18, the three-month nickel price at the London Metal Exchange (LME) closed at $9,780mt, while LME nickel inventory on the same date totaled 373,968 mt.
With the support of significant increases in nickel prices, domestic stainless steel prices have risen by significant margins, though trading activity is still sluggish amid the relatively hot weather conditions and the high levels of prices. Downstream buyers are mostly maintaining a wait-and-see stance as they seek to avoid risks. As for the coming week, it is believed that domestic stainless steel prices may just indicate minor fluctuations at the current high price levels.
|
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
|
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,800 |
1,450 |
↑300 |
|
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
8,300 |
1,228 |
↑300 |
|
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,500 |
2,293 |
↑1,200 |
|
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,400 |
2,278 |
↑400 |
|
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,600 |
1,272 |
↑400 |
|
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,300 |
1,228 |
↑100 |
17 percent VAT is included in the above prices.
$1 = RMB 6.76