Latest situation in local Chinese stainless steel market

China's domestic stainless steel market has seen a slight rebound in prices of some grades during the past seven days, while prices of other grades have remained stable.
 
Global nickel prices have fluctuated on an upward trend in the past week. On April 8, the three-month nickel price at the London Metal Exchange (LME) closed at $16,405/mt, while LME nickel inventory on the same date totaled 281,598 mt.
 
Under the influence of stronger nickel prices, some domestic stainless steel prices, especially prices of 304 series products, have also moved up. The overall trade volume in the market has indicated some improvement. Meanwhile, mills have limited the supply volumes of 304 series materials in order to boost the market prices of these products. For the coming week, domestic stainless steel prices in China may indicate some upticks if nickel prices maintain their strength.