China’s domestic stainless steel market has indicated sideways and downward movement in the past seven days, depending on products.
Global nickel prices have softened further during the past week, but by smaller margins. On May 1, the three-month nickel price at the London Metal Exchange (LME) closed at $13,655/mt, while LME nickel inventory on the same date totaled 306,762 mt.
Domestic stainless steel prices mostly decreased before the Labour Day holiday as traders were willing to reduce prices at the end of the month due to tight liquidity, while prices have followed a stable trend after the holiday. Overall trading activity is weak. Low inventories of some products resulted in stable prices for these products during the course of the week. Meanwhile, it is believed that there is not much space for further significant decreases in nickel prices. As for the coming week, traders, who are no longer under pressure from tight liquidity, are unwilling to reduce their prices, while nickel prices may be firmer. It is thought that the domestic stainless steel market may see a stable trend in the week ahead, with slight rebounds also possible.
Specification (mm) |
Region |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
202/No.1 (3.0 x 120 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
9,200 |
1,449 |
0 |
201/No.1 (3.0 x 1,219 x C) |
Foshan/Lecong |
Guangzhou Lianzhong |
7,700 |
1,213 |
0 |
304/2B (1.0 x 1,219 x C) |
Wuxi |
Taigang |
15,200 |
2,394 |
0 |
304/No.1(3.0 x 1,219 x C) |
Wuxi |
Taigang |
15,750 |
2,480 |
↓50 |
430/2B (3.0 x 1,219 x C) |
Wuxi |
Taigang |
8,650 |
1,362 |
↓50 |
430/No.1(3.0 x 1,219 x C) |
Wuxi |
Krupp |
8,600 |
1,354 |
↓300 |
16 percent VAT is included in the above prices.
$1 = RMB 6.35