The Chinese domestic stainless steel market has seen some downticks in the past week, while prices of some grades have remained stable.
Global nickel prices have moved on a fluctuating trend during the past week, with prices now slightly higher than they were one week ago. On January 15, the three-month nickel price at the London Metal Exchange (LME) closed at $17,225/mt, while LME nickel inventory on the same date totaled 147,060 mt.
High stock levels and the low demand situation have contributed to downticks in prices for certain stainless steel products in China in the past week, though many other products are unchanged in price. It is believed that there is limited room for movement of stainless steel prices in China ahead of the country's Spring Festival holiday. Demand appears to be weakening further in the market and so domestic stainless steel prices in China may soften slightly in the coming week.