Domestic stainless steel prices in China have mostly moved on a downward trend during the past week despite the upward movement in LME nickel prices.
Global nickel prices have fluctuated upward in the past week. On July 24, the three-month nickel price at the London Metal Exchange (LME) closed at $14,175/mt, while LME nickel inventory on the same date totaled 199,848 mt.
Domestic stainless steel prices generally declined as they were catching up with previous decreases recorded in nickel prices, though at the end of the week some upticks in stainless steel prices started to be seen. If nickel prices continue to move up, then it is thought that increases will also be observed in stainless steel prices in China. Inventory levels in the Chinese stainless market are relatively low, while mills are now trying to control their supply volumes. China's domestic stainless steel market is expected to move on a slight upward trend in the coming week.