China's domestic stainless steel market has mostly followed a stable trend in the past week, though prices of some products have trended down under the influence of nickel prices. Global nickel prices are lower than they were one week ago, having risen slightly at the start of the week and then moved on a declining trend from Monday onward. On November 5, the three-month nickel price at the London Metal Exchange (LME) closed at $14,345/mt, while LME nickel inventory on the same date totaled 239,985 mt.
Under the influence of the nickel price trend, the domestic prices of some stainless steel products, especially 304 series, have declined by a margin of RMB 100-200/mt in the past week. In the current stainless steel market, demand is on the weak side, the supply volume is high, while nickel prices are unlikely to provide any upward support for domestic stainless prices. Traders are focusing on sales and have a negative view of the prospects for the market trend. For the coming week, it is thought that Chinese domestic stainless steel prices may move on a slightly downward trend.