Negative factors prevail in local Chinese stainless steel market

China's domestic stainless steel market has witnessed slight decreases in prices for some grades, especially 304 series, during the past week, while prices of other grades have moved sideways.
 
Global nickel prices have fluctuated under $14,500/mt during the past week, with prices closing lower than the levels of one week ago. On February 25, the three-month nickel price at the London Metal Exchange (LME) closed at $14,300/mt, while LME nickel inventory on the same date totaled 268,458 mt.
 
The slight decrease in domestic prices of some grades of stainless steel has been due to low demand, while nickel prices have not been providing much support for domestic stainless steel prices. Domestic mills' stainless quotations released this week have remained stable due to negative sentiment among traders. For the coming week, the Chinese domestic stainless steel market is expected to be characterized by a soft trend amid slow trading activity and high inventory levels.