Global nickel prices have followed a fluctuating trend during the past week, with prices down slightly on week-on-week basis. On June 26, the three-month nickel price at the London Metal Exchange (LME) closed at $16,275/mt, while LME nickel inventory on the same date totaled 103,794 mt.
Recent reductions of output by domestic stainless steel producers have provided some support for prices in the Chinese stainless steel market, preventing them from decreasing. Demand, although low, has indicated some slight improvements. It is thought that stainless steel prices in China will follow a sideways trend in the coming week if nickel prices remain firm.