China's stainless steel market has been influenced by the uptrend of nickel prices in the past week, with some stainless steel grades recording price increases. However, other grades which were previously at high price levels have registered decreases under the impact of slack demand.
Global nickel prices continued to move on an upward trend during the past week. On December 11, the three-month nickel price at the London Metal Exchange (LME) closed at $17,771/mt, while LME nickel inventory on the same date totaled 137,472 mt. Meanwhile, it is thought that nickel prices will see slower upward movement in the coming week.
It is thought that the price increases seen in China's stainless steel market in the past week may come under pressure from sluggish demand, as the current trading volume in the market is low. Meanwhile, coming towards the end of the year, mills are still not eager to sell right now and so supplies are slow. It is thought that China's stainless steel market may move on a stable trend during the coming week, while some market players may be tempted to reduce their prices slightly in order to attract business.