China’s domestic stainless steel market has seen small downticks in some prices in the past week, while other prices have remained stable.
Global nickel prices have followed a fluctuating trend in the past week, with prices slightly higher than they were one week earlier. On October 28, the three-month nickel price at the London Metal Exchange (LME) closed at $15,550/mt, while LME nickel inventory on the same date totaled 378,864mt.
The three-month nickel price at the LME first moved down in the given week, but started to rise back up in the final days of the week, while this slight rebound in nickel prices has not been reflected in domestic stainless steel prices. At the end of the month, traders have also reduced their stainless steel prices in order to attract business and bring in cash. Overall trading activity in the market has remained slack. Meanwhile, the economic outlook for the fourth quarter is not so positive, which is not good news for the prospects for the domestic stainless steel market. The market will continue to be characterized by a soft trend in the coming period.
No demand recovery in local Chinese stainless steel market
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