China's domestic stainless steel market has mostly moved on a stable trend during the past week.
Global nickel prices have continued their fluctuating trend and are lower than they were one week ago. On April 2, the three-month nickel price at the London Metal Exchange (LME) closed at $16,170/mt, while LME nickel inventory on the same date totaled 283,680 mt.
Although China's domestic stainless steel market has mainly indicated sideways movement in the past week, prices of some 304 series products have moved up slightly due to higher production costs. Overall demand and activity in the market is still sluggish. It is expected that in the coming period some mills will decrease their production volumes, which will provide a certain degree of support for stainless steel prices. It is thought that China's domestic stainless steel market will continue to indicate mainly stable movement in the coming week.
Demand remains lackluster in local Chinese stainless steel market
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