China's domestic
stainless steel market has seen increases in 304 series product prices during the past week, while prices of other products have remained stable.
Global nickel prices have moved on a fluctuating trend during the past week. On September 10, the three-month nickel price at the London Metal Exchange (LME) closed at $18,650/mt, while LME nickel inventory on the same date totaled 331,980 mt.
The three-month LME nickel price first increased early in the past week but subsequently indicated a decline, though the price is now standing at the same levels recorded one week ago. In the past week, local 304 series
stainless steel product prices have increased under the influence of the rise in nickel prices in the early part of the week. However, with the downticks later seen in nickel prices, Chinese
stainless steel traders have become more cautious and are inclined to keep their prices stable, while trading activity has slackened in the latter part of the past week. The demand side in the market is characterized by a wait-and-see stance for now. It is believed that downticks may be seen in domestic
stainless steel prices in the coming week, especially for 304 series products.