China's domestic stainless steel market has mostly followed a downward trend during the past seven days.
Global nickel prices have indicated a significant decrease during the past week. On May 19, the three-month nickel price at the London Metal Exchange (LME) closed at $13,090/mt, while LME nickel inventory on the same date totaled 444,936 mt.
The decrease in nickel prices has contributed to the downward movement of most Chinese domestic stainless prices in the past week, though stainless steel prices have softened by smaller margins compared to nickel prices. Overall trading activity in the stainless steel market is at low levels. Traders are not willing to sell at the lower prices due to the uncertainty surrounding the fluctuations of nickel prices. For the coming week, domestic stainless steel prices are expected to move sideways as market players wait to observe the movement of nickel prices.
Spec. |
Region |
Steel Plant/Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
202/No,1(3,0*120*C) |
Foshan |
Guangzhou lianzhong |
11,500 |
1,855 |
0 |
201/No,1(3,0*1219*C) |
Foshan |
Guangzhou lianzhong |
7,600 |
1,226 |
0 |
304/2B(1,0*1219*C) |
Wuxi |
Taigang |
14,600 |
2,355 |
↓700 |
304/No,1(3,0*1219*C) |
Wuxi |
Taigang |
14,200 |
2,290 |
↓800 |
430/2B(3,0*1219*C) |
Wuxi |
Taigang |
7,300 |
1,177 |
↓350 |
430/BA(1,0*1219*C) |
Wuxi |
Krupp |
6,900 |
1,113 |
↓300 |
17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.20