China's domestic
stainless steel market has mostly been stable during the past week, though with slight downticks for 304 series products.
Global nickel prices are down slightly compared to one week ago. On July 22, the three-month nickel price at the London Metal Exchange (LME) closed at $19,000/mt, while LME nickel inventory on the same date totaled 311,214 mt.
During the past week, the three-month nickel price at the LME first dropped down before then moving back up, but is still slightly lower than one week earlier. The minor downticks in 304 series products are due to the softness of nickel prices. The overall trading volume in the
stainless steel market is still relatively low, while inventory levels are also at relatively low levels, and this gives traders confidence that prices will remain mostly stable for now. Accordingly, a mainly stable trend is expected for the coming week, with perhaps some minor downticks for 304 series products.