Domestic players are cautious about the nickel market and downstream buyers are not eager to purchase nickel at present. The domestic nickel price from Jinchuan Group stands at $26,692/mt, while import offers are in the range of $26,462-26,539/mt from MMC Norilsk Nickel.
LME nickel stocks (mt) vs nickel price ($/mt)
The stainless steel market in China has decreased slightly in the past week under the impact of reduced demand and the lower nickel price. The price of 304/2B flat steel from Ningbo Baoxing has declined by $30.8/mt week on week in the Wuxi market, while the price of 201/2B flat steel has decreased by $15/mt week on week in the Foshan market.
300 series vs 400 series market price ($/mt)
Specification |
Region |
Producer |
Price |
Price |
Change week on week |
201/2B |
Foshan |
Guangzhou Lianzhong |
13,700 |
2,108 |
-100 |
201/No.1 |
Foshan |
Guangzhou Lianzhong |
10,800 |
1,662 |
0 |
304/2B |
Wuxi |
Ningbo Baoxing |
23,600 |
3,631 |
-200 |
304/BA |
Wuxi |
Ningbo Baoxing |
25,000 |
3,846 |
0 |
430/No.1 |
Wuxi |
Taigang |
9,800 |
1,508 |
0 |
430/2B |
Wuxi |
Taigang |
11,400 |
1,754 |
0 |
As many industrial sectors indicate weak demand, traders expect the domestic stainless steel market to decline, also taking into account anticipated weak consumption of steel in June.