China's domestic stainless steel market has followed a stable trend during the past week.
Global nickel prices have fluctuated on a downward trend during the past seven days. On January 28, the three-month nickel price at the London Metal Exchange (LME) closed at $14,140/mt, while LME nickel inventory on the same date totaled 264,288 mt.
Most traders in China's domestic stainless steel market do not have much available cash for the conclusion of new purchases and so inventory levels in the market are quite low at present, while the overall demand volume has also been slack. During the past seven days, traders have been gradually leaving the market ahead of the Chinese New Year holiday which starts on Friday, January 31. As for the post-holiday period, it is believed that, as nickel prices are still at relatively high levels, there may be room for a slight rebound in domestic stainless steel prices, though the trading volume will be the main factor influencing the stainless steel price trend.