Meanwhile, global nickel prices have witnessed a rebound during the past week. On June 12, the three-month nickel price at the London Metal Exchange (LME) closed at $17,085/mt, while LME nickel inventory on the same date totaled 104,334 mt.
Although global nickel prices have rebounded to above $17,000/mt, players in China's stainless steel market fear that nickel prices may drop back down after this rebound and so they are mainly focusing on sales while maintaining a cautious approach. Recent Chinese government measures may result in a small-scale recovery in most domestic industry. However, it is thought that this may not have a long-lasting impact in the domestic stainless market, where demand is still sluggish. For the coming period, it is thought that nickel prices may indicate a softening and that the stainless steel market in China may be characterized by a slight downtrend.