On July 2, stainless steel futures on the Shanghai Futures Exchange closed at CNY14,145/ton (US$1,984/ton), an increase of CNY225/ton (US$31.6/ton) or 1.6% from June 25, and 0.53% higher than the previous trading day (July 1).

Last week, nickel prices showed an upward trend, and stainless steel prices fluctuated within a narrow range. Rising raw material prices have supported the rise of stainless steel prices. However, adverse weather conditions, including high temperatures and heavy rainfall in China, have dampened demand for stainless steel. It is anticipated that stainless steel prices in China's domestic market will likely slightly fluctuate in the upcoming week.