China's domestic
stainless steel market has mostly followed a stable trend in the past week, though with slight decreases in prices of 304 series products.
Global nickel prices have continued their upward movement in the past week. On March 18, the three-month nickel price at the London Metal Exchange (LME) closed at $16,120/mt, while LME nickel inventory on the same date totaled 270,930 mt.
The Chinese domestic
stainless market has not been influenced by the higher prices of nickel, with
stainless steel prices mostly moving sideways and minor downticks even seen for 304 series due to slack trading activity. Traders are not optimistic as regards the prospects for the market in the coming period. Meanwhile, the higher nickel prices have increased costs for mills, causing them to reduce production. It is thought that the domestic
stainless steel market may indicate stable movement in the coming week, with the direction of prices likely to be subsequently determined by the volume of trading activity.