China's domestic stainless steel market has mostly followed a stable trend during the past week.
While global nickel prices fluctuated on a downward trend during China's New Year holiday period, they have rebounded in the last few days. On February 11, the three-month nickel price at the London Metal Exchange (LME) closed at $14,160/mt, while LME nickel inventory on the same date totaled 267,138 mt.
Upon the conclusion of the holiday, prices of 304 series stainless steel in China have moved up slightly amid increased inquiries and the rebound in nickel prices. However, the prices of most stainless steel products in the Chinese domestic market have trended sideways. The overall trading volume is still low since the market has not fully returned from the holiday yet. Supply volumes have been negatively impacted by the excess demand placed on rail transportation around the holiday period, though the low supply has been balanced by sluggish demand. As for the coming week, it is thought that just slight fluctuations will be witnessed in the Chinese domestic stainless steel market.
Both supply and demand on low side in Chinese domestic stainless steel market
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