China’s domestic stainless steel prices have mostly followed an upward trend during the past week.
Global nickel prices have showed an upward trend during the past week. On October 8, the three-month nickel price at the London Metal Exchange (LME) closed at $17,760/mt, while LME nickel inventory on the same date totaled 131,850 mt.
Overall trading activity in the Chinese domestic stainless steel market has increased and is considered to be at normal levels, while prices have mostly risen on the back on increases in nickel prices and stainless steel futures prices. Demand side has also rebounded after the National Day holiday because of the positive macroeconomic policy measures, while most traders hold a positive view of the future trend. As for the week ahead, with support from costs and demand, it is believed that stainless steel prices may move up again, but at a slower pace.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
12,550 |
1,778 |
0 |
-9 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
8,050 |
1,141 |
500 |
65 |
304/2B (1.0 x 1,219 x C) |
Taigang |
14,750 |
2,090 |
550 |
67 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
13,900 |
1,970 |
450 |
54 |
430/2B (3.0 x 1,219 x C) |
Taigang |
7,750 |
1,098 |
300 |
37 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,200 |
1,020 |
0 |
-5 |
13 percent VAT is included in the above prices.
$1 = RMB 7.057