China's domestic stainless steel market has declined during the past week, mainly under the influence of weak nickel prices and strong supply.
Global nickel prices have declined sharply during the past week. On June 26, the three-month nickel price at the London Metal Exchange (LME) closed at $13,615/mt, while LME nickel inventory on the same date totaled 187,956 mt.
Influenced by global economic developments, the LME three-month nickel price indicated a strong decline during the past week, falling as low as $13,670/mt. In line wth the weakness of nickel prices, Chinese domestic stainless steel prices have witnessed significant decreases. At the same time, large Chinese stainless steel producers have not given any signals that they will reduce their production volumes in the coming month. Accordingly, high supply and a sentiment of panic among market players have also contributed to the fall in stainless steel prices in the past week. Nevertheless, it is thought that there is still room before domestic stainless steel prices fall to production cost levels. For the coming week, China's domestic stainless steel market is expected to maintain its downward movement.
Chinese stainless steel market still faces strong supply levels
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