China's domestic stainless steel market has seen slight decreases in prices of 304 series products during the past seven days, while prices of other products have remained stable.
Global nickel prices have fluctuated on a downward trend during the past week. On September 16, the three-month nickel price at the London Metal Exchange (LME) closed at $18,305/mt, while LME nickel inventory on the same date totaled 337,044 mt.
In the past week, prices of 304 series products have softened slightly in the Chinese domestic stainless market under the influence of the weak trend of nickel prices. At the same time, downstream demand for stainless steel has weakened further, while sentiment among traders is generally negative. Some traders have chosen to reduce their quoted prices or to offer discounts in order to increase trading activity but have not had much success. It is believed China's domestic stainless steel market will witness some downticks in prices in the coming week, though the decrease margins are expected to be small.
Negative sentiment in Chinese domestic stainless steel market
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Hot Drawn Stainless Plate
Thickness
2 - 6 mm
Width
1,000 - 1,500 mm
Length
2,000 - 6,000 mm
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MAIAK-M
Cold Drawn Stainless Plate
Thickness
0.5 - 3 mm
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1,000 - 1,250 mm
Length
2,000 - 2,500 mm
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MAIAK-M
Hot Drawn Stainless Coil
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0.45 - 1.45 mm
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0 mm
Coil
R
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SAMBHV SPONGE POWER LIMITED