Chinese stainless steel selling figures continued to strengthen in early September. The upward trend was driven by hikes in raw material costs. The price of nickel increased significantly during July and August. The recovery was supported by an improvement in domestic market activity. However, nickel prices started to weaken in mid-September and have now retreated to mid August values. Chinese restocking demand, ahead of the Mid-Autumn Festival, has been tepid. This, combined with the reversal in the nickel price trend, led to a deterioration in Chinese domestic stainless steel selling figures in recent weeks. Nonetheless, they remain, marginally, higher than those recorded in the previous month.
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