Global nickel prices have followed a fluctuating trend during the past week, with prices now slightly higher compared to one week ago. On January 9, the three-month nickel price at the London Metal Exchange (LME) closed at $17,325/mt, while LME nickel inventory on the same date totaled 143,490 mt.
Before the New Year holiday, traders and mills in the Chinese stainless steel market were trying to bring in cash and so both offer prices and actual deal prices moved down. After the holiday, some traders still kept prices at low levels, while others have been trying to push their prices back up again. The biggest problem facing the market now is still slackness of demand. Given the instability of the market trend, many buyers are opting to hold on to their cash and to maintain a wait-and-see approach. As for the coming week, China's stainless steel market may edge down slightly.