China's domestic stainless steel market has moved on a stable trend during the past seven days.
Global nickel prices have continued to rise during the past week. On February 18, the three-month nickel price at the London Metal Exchange (LME) closed at $14,450/mt, while LME nickel inventory on the same date totaled 269,388 mt.
Amid slack demand, China's domestic stainless steel prices have been stable in the past week despite the upward movement of nickel prices. Supply volumes in the stainless steel market have been low, providing some support for the market. It is believed trading activity in the local Chinese stainless steel market will improve in the coming week and that market prices may accordingly increase by a small margin, supported by higher nickel prices.