Low demand and high inventory in local Chinese stainless steel market

Wednesday, 05 March 2014 16:59:32 (GMT+3)   |   Shanghai
       

China's domestic stainless steel market has mostly moved on a sideways trend during the past week, though prices have risen slightly for some grades.
 
Global nickel prices have fluctuated in an upward direction during the past week. On March 4, the three-month nickel price at the London Metal Exchange (LME) closed at $14,860/mt, while LME nickel inventory on the same date totaled 270,930 mt.
 
In the past seven days, prices of 304 series stainless steel in the Chinese domestic market have indicated slight increases under the influence of higher nickel prices, while most other domestic stainless steel prices have remained stable. Inventory levels in the market are still high, while demand is on the low side. Sentiment among traders remains negative and they are mostly maintaining a wait-and-see stance. It is thought that, if the trading volume does not improve, transaction prices may decline slightly in the coming week as traders need to sell off materials in order to repay loans.

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