Global nickel prices have been fluctuating on a downward trend during the past week. On March 22, the three-month nickel price at the London Metal Exchange (LME) closed at $18,530/mt, while LME nickel inventory on the same date totaled 97,788 mt.
In the past week, the stainless market in China has indicated some downward fluctuations. Stainless steel prices in China can be viewed in the SteelOrbis price reports section.
Due to fluctuations in nickel prices, traders in China's stainless steel market still lack optimism as regards the prospects for the market. Meanwhile, reductions by Taigang in its quoted prices for April also seem to indicate a lack of confidence about the future trend of the market. Currently, traders are selling stainless steel products which they had bought in Feburary at relatively high prices, which means that cost support is strong in the market at the present. The demand side has improved but is still characterized by slackness. It is thought that stainless steel prices in China will maintain their fluctuating downward trend in the short term.