China’s domestic stainless steel prices have fluctuated slightly during the past seven days, first declining during the week before rebounding later.
Global nickel prices have softened during the past week. On October 29, the three-month nickel price at the London Metal Exchange (LME) closed at $15,905/mt, while LME nickel inventory on the same date totaled 146,154 mt.
Overall trading activity in the domestic stainless steel market has been at normal levels. Upstream nickel prices have remained on a weak trend, but stainless steel futures prices have lately rebounded. Downstream buyers have maintained a wait-and-see stance and some traders have been willing to offer discounts in order to close more deals. As for the week ahead, it is believed that domestic stainless steel prices may edge up by small margins.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,550 |
1,758 |
0 |
-3 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,800 |
1,093 |
-100 |
-16 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,400 |
2,017 |
0 |
-4 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
13,650 |
1,912 |
0 |
-4 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,500 |
1,051 |
0 |
-2 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,200 |
1,009 |
0 |
-2 |
13 percent VAT is included in the above prices.
$1 = RMB 7.139