Global nickel prices fluctuated on a more or less sideways trend during the past week, though softening slightly in the last few days. On May 15, the three-month nickel price at the London Metal Exchange (LME) closed at $14,905/mt, while LME nickel inventory on the same date totaled 179,556 mt.
The sideways trend in nickel prices for most of the past week caused China's domestic stainless steel market to halt its declining movement and to follow a mainly stable trend. With domestic demand for stainless steel still remaining weak, the trend of stainless steel prices in China has mainly depended on the nickel price trend. Traders do not express much confidence in the prospects for the market in the coming period. In addition, the slight softening of nickel prices in the last few days has resulted in downticks in prices of a couple of stainless steel grades. Meanwhile, the approach of the off-season will result in lower trading volumes. It is believed that China's domestic stainless steel market price will fluctuate on a soft trend during the coming week.