China's domestic stainless steel market has mostly moved on a stable trend in the past seven days, though with upward movement seen for 304 series products.
Global nickel prices have followed an upward trend during the past week. On May 7, the three-month nickel price at the London Metal Exchange (LME) closed at $18,625/mt, while LME nickel inventory on the same date totaled 278,436 mt.
Although most domestic stainless steel prices in the Chinese market have trended sideways in the past week, prices of 304 series stainless products have indicated significant increases on the back of higher nickel prices. It is believed that, since the international situation is unstable, nickel prices may continue to fluctuate in an upward direction and so some further increases may also be seen in Chinese domestic stainless steel prices.
Nickel provides support for local Chinese 304 series stainless steel prices
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