China's domestic stainless steel market has mostly been stable during the past week, though with slight downticks for 304 series products.
Global nickel prices are down slightly compared to one week ago. On July 29, the three-month nickel price at the London Metal Exchange (LME) closed at $18,650/mt, while LME nickel inventory on the same date totaled 312,720 mt.
During the past week, the three-month nickel price at the LME first moved up before then dropped down, but is still slightly lower than one week earlier. Chinese domestic stainless price have not influenced by the fluctuations in nickel price and showed a mostly stable trend over the past week with slight downticks in 304/2B stainless steel series. Most traders stand strong on their prices despite the low demand because they believe slight price decreases will have no positive impact on trade volume. Experts believe that the domestic stainless prices will mostly hold a stable trend in the coming week.