China's domestic stainless steel market has observed some decreases in prices during the past week, especially for prices of 304 series products, while prices of other grades have mostly moved sideways.
Global nickel prices have indicated fluctuations in the past week, with a downtrend seen in the first part of the week followed by an uptrend in the latter part of the week, and with prices closing at higher levels compared to one week earlier. On January 7, the three-month nickel price at the London Metal Exchange (LME) closed at $15,540/mt, while LME nickel inventory on the same date totaled 415,812 mt.
The low demand volume has been the main reason for the decreases in some prices in the domestic stainless steel market in the past week, while the declines in nickel prices in the first part of the past week have also contributed to the softness of stainless steel prices. It is believed that, with the holiday period over, trading activity may show some gradual improvement. It is thought that China's domestic stainless steel market may see an overall stable movement in the coming week.