Global nickel prices first dipped a little during the past week before recovering to the price levels seen one week ago. On June 20, the three-month nickel price at the London Metal Exchange (LME) closed at $17,150/mt, while LME nickel inventory on the same date totaled 102,894 mt.
The Chinese stainless steel market has been mainly stable during the past week, though certain rebounds have been observed for some grades. Stainless steel prices in China can be viewed in the SteelOrbis price reports section. Most traders remain cautious and are not inclined to increase quoted prices despite some improvements in nickel prices. The Chinese government has implemented measures to improve economic activity, though it is believed that more time is needed to see the impact on the stainless steel market.
It is thought that China's stainless steel market will probably remain on its stable trend in the coming week. Meanwhile, developments in the euro zone debt crisis may influence LME nickel prices and thereby impact the Chinese stainless steel market.
China’s stainless steel market generally stable, with some upticks
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