China's domestic stainless steel market has seen some slight downticks in prices during the past week.
Global nickel prices have fluctuated on a downward trend in the given week. On June 11, the three-month nickel price at the London Metal Exchange (LME) closed at $18,425/mt, while LME nickel inventory on the same date totaled 286,752 mt.
Domestic stainless steel prices in China have either moved sideways or trended down slightly in the last seven days. The decreases observed in prices of 304 series products have been smaller compared to those recorded in the previous week. Meanwhile, trading activity in the market has been slowing down due to the hotter weather and the approach of the off-season for business. Traders have a negative view of the future prospects for the market and are willing to negotiate on prices. For the coming week, prices in the Chinese domestic stainless steel market are likely to vary between sideways and slightly downward movement, against the backdrop of slack demand and the soft trend of the nickel market.