China's domestic stainless steel market has been mostly stable in the past week, though with slight downticks for 304 series products.
Global nickel prices have softened slightly in the past seven days. On July 16, the three-month nickel price at the London Metal Exchange (LME) closed at $19,300/mt, while LME nickel inventory on the same date totaled 308,418 mt.
The slight declines in prices of 304 series products in the past week have been due to the soft trend of nickel prices. Demand in the market is still at low levels, with traders and downstream buyers maintaining a wait-and-see stance. It is thought that the domestic stainless steel market will remain on a stable trend in the coming period.