Global nickel prices have moved on a slight downward trend during the past week. On May 30, the three-month nickel price at the London Metal Exchange (LME) closed at $16,450/mt, while LME nickel inventory on the same date totaled 106,752 mt.
In the past week, the Chinese stainless steel market has been mostly stable, though some decreases have also been observed, especially for 300 series. Stainless steel prices in China can be viewed in the SteelOrbis price reports section.
Major domestic steel mills have lately increased their purchase prices for high-carbon ferrochrome. However, this has failed to improve confidence in the stainless steel market and the trading volume still remains at low levels. It is expected that the domestic stainless steel market will reflect the trend of nickel prices during the coming period. If nickel prices fall further, then domestic stainless steel prices may hit a new low for the current year. Nevertheless, it is thought that the strengthening of the US dollar may provide some support for nickel prices and so there may be limited room for downward movement of stainless steel prices in China.