Chinese domestic stainless steel prices have regained a stable trend in the past seven days with the support of nickel price increases, though trading activity has remained on the slow side.
Global nickel prices have fluctuated on an upward trend during the past week. On December 10, the three-month nickel price at the London Metal Exchange (LME) closed at $13,930/mt, while LME nickel inventory on the same date totaled 253,836 mt.
Although the increase in nickel prices was not so large, it provided sufficient support for a return to stability of most domestic stainless steel prices in China following recent decreases, while some upticks have also been observed in stainless steel prices in some parts of the country. However, the trading volume in China's domestic stainless steel market has remained at low levels. It is believed that, if nickel prices continue their strong trend in the coming week, then local stainless steel prices will also likely move in an upward direction. Nevertheless, it will be difficult for nickel prices to exceed $14,100/mt. For the coming week, it is thought that domestic stainless steel prices in China will be mostly stable, though with slight upward movement for certain grades.
Chinese domestic stainless steel market receives support from nickel prices
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