The Chinese domestic stainless steel market has mostly followed a stable trend in the past week, though slight upticks have been witnessed for some grades.
Global nickel prices have fluctuated in an upward direction during the past week. On January 29, the three-month nickel price at the London Metal Exchange (LME) closed at $17,829/mt, while LME nickel inventory on the same date totaled 149,808 mt.
Most traders hold a positive view of the prospects for China's stainless steel market in the period after the Spring Festival/Chinese New Year holiday, though there is little likelihood of an increase in sales volumes before the holiday. With the approach of the holiday period, availability of transportation in China has become tighter, and this has influenced deliveries of stainless steel, and so inventory levels have declined in certain local markets and for certain grades. Overall, China's stainless steel market is expected to follow a stable trend in the coming week.