China's domestic stainless steel market has moved on a stable trend during the past seven days.
Global nickel prices have continued to fluctuate on a downward trend during the past week. On December 30, the three-month nickel price at the London Metal Exchange (LME) closed at $14,950/mt, while LME nickel inventory on the same date totaled 412,704 mt.
Since overall trading activity has remained slow in the Chinese stainless steel market in the past week, traders have mostly been focusing on end-of-year accounting work, while they have kept their prices stable. Meanwhile, market inventory is at relatively low levels, which provides some support for market prices. As for the coming week, it is believed that the Chinese domestic stainless steel market may see some slight decreases amid slack activity and the softness of nickel prices.