China's domestic stainless steel market has been mostly stable in the past seven days, though small increases have been observed in prices of 304 series products.
Global nickel prices have moved on an upward trend over the past week. On July 8, the three-month nickel price at the London Metal Exchange (LME) closed at $19,775/mt, compared to $19,125/mt a week earlier, while LME nickel inventory on the same date totaled 305,280 mt.
The increase in nickel prices contributed to the minor rise in domestic prices of 304 series stainless steel products in China in the past week. Meanwhile, the overall trading volume in the Chinese stainless steel market has not been so good. For the coming week, it is thought that domestic stainless steel prices may move on a stable trend, provided that no strong fluctuations are witnessed in nickel prices.