Stainless Steel Spot Price In China To Inch Higher In January On Stable Costs And Dropping Inventories

January will see maintenance at some North and South China steel plants, shortening the spot market sales cycle and prompting scheduled production cuts and a lower total output. Steel mills' stockpiling for Spring Festival nudged high-grade NPI prices up slightly, despite loss-making NPI producers cutting back. December's domestic NPI output fell to about 28,500 mt in nickel content, down 9.8% MoM and 19% YoY. Lower stainless steel output means limited high-grade NPI demand, weakening price rise momentum. December's stainless steel raw material prices stabilized with minor hikes, and finished material prices rose slightly but stayed low. January's stable costs and dropping inventories are expected to nudge stainless steel spot prices up, causing slight, narrow-range fluctuations.