Global nickel prices have fluctuated in a downward direction during the past week. On August 11, the three-month nickel price at the London Metal Exchange (LME) closed at $10,755/mt, while LME nickel inventory on the same date totaled 456,708 mt.
Influenced by the soft trend of nickel prices, the local Chinese stainless steel market has continued to move down during the past week, while overall trading activity has remained at very low levels due to the summer offseason. Traders are still willing to offer discounts in order to attract deals, while most traders hold a negative view of the future prospects for the market. It is believed that the domestic stainless steel market will remain on its soft trend in the week ahead.
| Specification (mm) | Region | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
| 202/No.1 (3.0 x 120 x C) | Foshan | Guangzhou Lianzhong | 9,950 | 1,545 | ↓50 |
| 201/No.1 (3.0 x 1,219 x C) | Foshan | Guangzhou Lianzhong | 6,450 | 1,002 | ↓250 |
| 304/2B (1.0 x 1,219 x C) | Wuxi | Taigang | 13,100 | 2,034 | ↑200 |
| 304/No.1(3.0 x 1,219 x C) | Wuxi | Taigang | 12,400 | 1,925 | ↓200 |
| 430/2B (3.0 x 1,219 x C) | Wuxi | Taigang | 6,200 | 963 | 0 |
| 430/BA (1.0 x 1,219 x C) | Wuxi | Krupp | 5,700 | 885 | 0 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.44