China’s domestic stainless steel prices have mostly followed a slight downtrend during the past seven days.
Global nickel prices have moved up strongly during the past week. On March 12, the three-month nickel price at the London Metal Exchange (LME) closed at $18,520/mt, while LME nickel inventory on the same date totaled 73,572 mt.
Overall trading activity in the local Chinese stainless steel market has remained weak, while many traders have chosen to reduce their quoted prices slightly in order to close more deals. Stainless steel futures market have also softened, though nickel prices have risen strongly. Meanwhile, production volumes have continued to increase, which also exerts pressure on stainless steel prices. As for the week ahead, as support from the cost side is still strong and as demand may improve slightly, it is thought that stainless steel prices may rebound a little.
|
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
|
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
|
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,800 |
1,805 |
0 |
2 |
|
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,650 |
1,220 |
-100 |
-13 |
|
304/2B (1.0 x 1,219 x C) |
Taigang |
14,550 |
2,051 |
-100 |
-11 |
|
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,050 |
1,981 |
-50 |
-5 |
|
430/2B (3.0 x 1,219 x C) |
Taigang |
8,250 |
1,163 |
-50 |
-6 |
|
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,029 |
0 |
1 |
13 percent VAT is included in the above prices.
$1 = RMB 7.093