China's domestic stainless steel market has seen decreases in prices of 304 series products during the past week, while prices have remained stable for other stainless products.
Global nickel prices have continued to move on a soft trend during the past week. On December 23, the three-month nickel price at the London Metal Exchange (LME) closed at $15,450/mt, while LME nickel inventory on the same date totaled 408,990 mt.
The soft trend of nickel prices has contributed to the decreases observed in domestic prices of 304 series stainless steel products in the past week. In addition, high inventories and tight liquidity on the traders' side have influenced stainless steel prices, with some traders seeking to sell off products in order to bring in cash. Overall trading activity has remained slack, though some improvement has been seen in the past week. It is believed a further softening may be seen in prices of 304 series products due to the ongoing weak trend of nickel prices.
Nickel trend continues to impact local 304 series stainless steel prices in China
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