The downward movement in global nickel prices in the past week has been reflected in softer prices of 300 series stainless steel products in the Chinese domestic market, while local prices of other stainless grades in China have been trending sideways.
On November 12, the three-month nickel price at London Metal Exchange (LME) closed at $13,735/mt, while LME nickel inventory on the same date totaled 241,716 mt.
Supply volumes in the Chinese domestic stainless steel market are still high for now, while traders are under pressure to bring in funds as the end of the year approaches and so they are now more inclined to reduce prices in order to increase their sale volumes. The domestic stainless steel market is expected to continue to indicate softness in prices in the coming week. Meanwhile, some time may be needed to see what impact the third plenary session of the 18th Chinese Communist Party Congress, which has just ended, will have on the market.