China's
stainless steel market has mainly remained stable in the past week, with the trading volume at normal levels.
Global nickel prices have indicated downward movement during the past week. On July 10, the three-month nickel price at the London Metal Exchange (LME) closed at $16,050/mt, while LME nickel inventory on the same date totaled 105,006 mt.
Currently, inventory levels in the Chinese
stainless steel market are relatively low. In particular, inventories of 304 series were significantly low, but have improved a little in the past week. Domestic mills have limited production of 304 series to a certain extent in recent months. It is hoped that demand for
stainless steel in the domestic market will gradually improve in the coming months, supported by Chinese government measures.