China's domestic stainless steel market has indicated some decreases in the past week, especially in transaction prices.
Global nickel prices have fluctuated in a downward direction during the past week. On October 31, the three-month nickel price at the London Metal Exchange (LME) closed at $16,097/mt, while LME nickel inventory on the same date totaled 128,934 mt.
In the past week, offer prices in China's stainless steel market have either trended sideways or indicated slight decreases, while decreases have been more obvious in actual transaction prices. The domestic stainless steel market has been influenced by the ongoing weakness of nickel prices. Meanwhile, the low trading volume is another factor which exerts downward pressure on stainless steel prices. With nickel prices expected to continue their weak trend, China's stainless steel market will likely continue to see price decreases in the coming week.