The stainless steel market in China started to recover. 304 cold-rolled coil price in China has risen to CNY 15,000/ton. At the same time, the international nickel price has also risen, and the market of stainless steel stopped falling and stabilized.

According to market participants, due to continued weak demand, buyers still hold a wait-and-see attitude towards the reversal and strong rise of the stainless steel market in China. Therefore, buying momentum has not been boosted, the trading volume has not increased significantly, and the lack of momentum has led to the market not rising with the strong rise in China.

Market participants believed that the strong rise in China is not determined to be a reversal of the market. It can only be regarded as a rebound after a deep fall. Therefore, it remains to be seen whether the stainless steel market will turn up simultaneously. It still waits for further observation and depends on the trend of nickel prices.