Global nickel prices have fluctuated in a downward direction lately. On June 6, the three-month nickel price at the London Metal Exchange (LME) closed at $16,200/mt, while LME nickel inventory on the same date totaled 107,724 mt.
The Chinese stainless steel market has continued to decline in line with the softness of nickel prices and also amid slack demand. Local stainless steel prices in China can be viewed in the SteelOrbis price reports section.
The mood in the Chinese stainless steel market is quite negative. Under the influence of the EU debt crisis, it is thought that nickel prices may maintain their weak tendency in the short term. It is expected that Chinese stainless steel prices will continue to trend down in the coming week, though prices may later rebound after they hit bottom.