Global nickel prices have fluctuated on an upward trend during the past week. On November 27, the three-month nickel price at the London Metal Exchange (LME) closed at $16,730/mt, while LME nickel inventory on the same date totaled 134,448 mt.
Traders in the Chinese stainless steel market are not confident that the uptrend in nickel prices will last and so they are focused on increasing their sales volumes at the present time and on bringing in cash, especially as the end of the year is approaching. However, traders' inventories of certain stainless steel grades are now on the low side. While downstream demand for stainless steel has improved somewhat, domestic stainless steel mills are not yet ready to sell off their stocks, causing tight availability in the market.
It is thought that, against the background of tight availability, stainless steel prices in China may rise in the coming week if nickel prices also continue to rebound.