Global nickel prices have been fluctuating on a slight downward trend during the past week. On May 23, the three-month nickel price at the London Metal Exchange (LME) closed at $16,880/mt, while LME nickel inventory on the same date totaled 105,732 mt.
In the past week, prices of 200 and 300 series stainless steel in the Chinese market have been mainly stable or have seen small fluctuations. However, a significant decrease was seen for 400 series domestic stainless steel prices under the influence of soft nickel prices. Local stainless steel prices in China can be viewed in the SteelOrbis price reports section.
Purchasing activity in the Chinese stainless steel market has slowed a little. Market sentiment is negative and, even though inventory is on the low side, it appears difficult for the market to shake off its long-standing overall weak tendency. It is thought that the domestic stainless steel market may follow a soft trend in the coming seven days, indicating just a minor decrease.