Influenced by the constant international price rollbacks, China's domestic nickel prices also have emerged a downward trend.
Accordingly, in last week, the LME nickel prices for three month delivery had declined by 4.5% from previous week to $18551 per ton. Meanwhile, the domestic prices for 1# nickel also had followed suit and dipped by 2.2% from prior week.
Experts said that the stagnant demands from downstream stainless steel market are the main reason for the price drops in last week. It is reported that stainless steel mills are suffering from bad order intakes, thus many of them have reduced or postponed their nickel procurement plans.