Last week, China's nickel and stainless steel futures showed a slight upward trend amid volatility, with the spot market remaining in a stalemate. As the traditional peak season, September and October approaches, China's domestic production for September stayed stable at 3.25 million tons, with minor adjustments across different series. Meanwhile, Indonesia's production increased by 20,000-30,000 tons, reaching 450,000-460,000 tons.

Despite the peak season, demand in China has not shown significant strength, downstream customers and some market traders have low inventory levels, and potential interest rate cuts by the U.S. Federal Reserve might prompt minor replenishment, possibly causing a slight price rebound.

On the raw materials side, nickel pig iron prices remain strong, while high-carbon ferrochrome is weak but stable, offering continued cost support for stainless steel. The overall market environment remains moderate, with uncertainty about whether the peak season expectations will be met.