China’s domestic stainless steel prices have fluctuated by small margin during the past seven days.
Global nickel prices have followed a downward trend during the past week. On July 23, the three-month nickel price at the London Metal Exchange (LME) closed at $16,045/mt, while LME nickel inventory on the same date totaled 102,960 mt.
Overall trading activity in the domestic stainless steel market has been weak in the past week due to the off-season. Upstream nickel prices have softened, but stainless steel futures prices have lately rebounded, causing domestic stainless steel prices to follow a fluctuating trend. Market inventories have continued to increase, exerting some pressure on stainless steel prices. As for the week ahead, it is believed that stainless steel prices may soften slightly as support from the cost side is getting weaker.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,800 |
1,794 |
0 |
-1 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,400 |
1,177 |
-150 |
-22 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,550 |
2,039 |
0 |
-1 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
13,950 |
1,955 |
100 |
13 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,900 |
1,107 |
0 |
-1 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,300 |
1,023 |
0 |
-1 |
13 percent VAT is included in the above prices.
$1 = RMB 7.136