China's domestic stainless steel market has indicated a sharp upward movement in the past week.
Global nickel prices have moved on an upward trend during the week in question. On May 13, the three-month nickel price at the London Metal Exchange (LME) closed at $21,090/mt, while LME nickel inventory on the same date totaled 278,994 mt.
The LME three-month nickel price has indicated a strong rise influenced by the threat of increased sanctions by the West against Russia, the world's largest nickel producer. Against this backdrop, Chinese domestic stainless steel market prices have also indicated a large margin of increase, especially for 304 series products. The overall trade volume has improved slightly but activity is still on the sluggish side, while tightness of supply for some products has been witnessed. Traders have reduced their supply volumes in anticipation of higher prices later. For the coming period, domestic stainless market prices are expected to maintain their upward trend on the back of the strong performance of nickel prices. Eventually, some small downward correction may be seen in local stainless steel prices.
Local Chinese stainless steel market reflects nickel price changes
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