The nickel price on the London Metal Exchange has been fluctuating at around $24,000/mt, while LME nickel stocks have been declining reflecting the blooming demand from steel mills. LME nickel stocks stood at 101,418mt at the end of last week, down 1,776mt week on week.
In the spot market in China, the nickel price is reported at $27,158/mt from Jinchuan Group, while imported nickel stands at $27,089/mt.
LME nickel stock (mt) versus nickel price ($/mt)
Stainless steel prices are on an upward path in China, rising by $46.6/mt week on week, though transaction activity is still low. In the Wuxi market,304/2B stainless from Baoxing is reported at $3,649/mt, up $46.6/mt week on week. In the Foshan market, 201/No.1 stainless flats from Lianzhong is reported at $1,755/mt, with an increase of $31/mt week on week.
300 series versus 400 series market price ($/mt)
Specification |
Region |
Producer |
Price |
Price |
Change week on week |
201/2B |
Foshan |
Guangzhou Lianzhong |
12,900 |
2,003 |
0 |
201/No.1 |
Foshan |
Guangzhou Lianzhong |
11,300 |
1,755 |
200 |
304/2B |
Wuxi |
Ningbo Baoxing |
23,500 |
3,649 |
300 |
304/BA |
Wuxi |
Ningbo Baoxing |
24,500 |
3,804 |
200 |
430/No.1 |
Wuxi |
Taigang |
9,500 |
1,475 |
0 |
430/2B |
Wuxi |
Taigang |
11,000 |
1,708 |
0 |
The largest Chinese domestic stainless producer Taigang has issued its ex-work prices for August. 304 series was adjusted upwards by $77.6/mt, 430 series is unchanged at $1,848/mt. 304 CRC rose to $3,742/mt and 304 HRC increased to $3,665/mt. 304 plate (16-20 mm) climbed up by $77.6/mt.
As the rising price trend stimulates deals to some extent, many traders will sell their stocks and inventory will start to decrease. Stainless steel prices in China are expected to continue to rise, but prices will come under pressure when supplies from producers begin to increase.