Sluggish Chinese domestic stainless steel market follows sideways trend

Wednesday, 25 October 2017 17:14:29 (GMT+3)   |   Shanghai
       

China’s domestic stainless steel market has followed a stable trend during the past seven days.

Global nickel price have fluctuated on an upward trend during the past week. On October 24, the three-month nickel price at the London Metal Exchange (LME) closed at $11,995/mt, while LME nickel inventory on the same date totaled 385,284 mt.

While the Chinese domestic stainless steel market has moved sideways in the past week, overall trading activity in the market has remained at weak levels since buyers consider prices to be on the high side. Traders may offer discounts during negotiations in order to conclude sales, while downstream buyers are mainly maintaining a wait-and-see stance and are only purchasing in line with their needs. As for the coming week, it is believed that Chinese domestic stainless steel prices will mostly continue to move on a stable trend.

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

10,900

1,642

0

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

Foshan/Lecong

Guangzhou Lianzhong

9,400

1,416

0

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

Wuxi

Taigang

16,500

2,485

0

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

Wuxi

Taigang

17,500

2,636

0

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

Wuxi

Taigang

10,300

1,551

0

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

Wuxi

Krupp

8,700

1,310

0

17 percent VAT is included in the above prices.

$1 = RMB 6.64


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