In the past week, global nickel prices have fluctuated in a range between $13,650/mt and $14,000/mt, with prices now slightly higher than they were one week ago. On October 16, the three-month nickel price at the London Metal Exchange (LME) closed at $14,000/mt, while LME nickel inventory on the same date totaled 228,420 mt. Expectations at the Asian Nickel Conference held lately were for the trend of global nickel prices to remain soft.
Domestic stainless steel prices in China have mostly followed a stable trend in the past week, with fluctuations in a range of around RMB 100/mt, though the market has received support from improved activity after the National Day holiday and from the upticks in nickel prices in recent days. However, with the nickel price trend likely to remain weak, it is thought that Chinese domestic stainless steel prices will fluctuate in a slightly downward direction in the coming week.