The LME nickel price recently has dropped to the US$16,200/ton level. After that, the nickel price remained stable and had no big influence.

Although the demand is weak in Asia, China's stainless steel price has remained stable due to high raw material costs. The demand is slow due to the coming Lunar New Year holidays and customers don't want to take risks to purchase for inventory now.

The nickel price now has no room to decrease further. According to the understanding, the Asian stainless steel market might recover after the long holidays, and it will be a good time to discuss prices to have a good deal.