Chinese domestic stainless steel prices have continued to follow a weak trend in the past week, despite the relative stability of nickel prices during the same period.
Global nickel prices are now at the same levels as one week ago, after indicating some fluctuations during the past week. On December 3, the three-month nickel price at the London Metal Exchange (LME) closed at $13,450/mt, unchanged week on week, while LME nickel inventory on the same date totaled 252,972 mt, compared to 249,660 mt one week earlier.
The Chinese domestic stainless steel market has been characterized by weakness in terms of prices and trading activity in the past seven days. Supply volumes have been stable, while demand has been slack. Traders hold a negative view on the prospects for the future market trend and have been focusing on sales. Traders are reluctant to build up their stocks right now. It is thought that Chinese domestic stainless steel prices will move on a slightly soft trend in the coming week.
Slow demand and weak sentiment in local Chinese stainless steel market
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