China's domestic stainless steel market has witnessed decreases in prices of 304 series products in the past week, while prices of other products have remained stable.
Global nickel prices have fluctuated on a downward trend during the past week. On October 21, the three-month nickel price at the London Metal Exchange (LME) closed at $15,300/mt, while LME nickel inventory on the same date totaled 377,136 mt.
Prices of 304 series products in the Chinese domestic stainless steel market have declined in the past seven days under the influence of softer nickel prices, while the overall trading volume in the market has remained slack. It is believed that the slower Chinese year-on-year GDP growth rate announced for the third quarter may contribute to the further weakening of nickel prices, which in turn would have a negative impact on domestic stainless steel prices in China. For the coming week, it is expected that some downticks in prices will be observed in the Chinese domestic stainless steel market.
Trading activity still lackluster in Chinese domestic stainless steel market
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