Rebound in nickel prices may support steel prices in the short term
London Metal Exchange primary metal nickel temporarily paused its recent decline, continuing to rise by 14.12% over five consecutive trading days. The nickel price fluctuation range narrowed slightly, and the drop in international nickel raw material stocks provided support for steel prices.
Although the steel market has been subdued recently, a ray of hope has emerged in the market. The drop in nickel stocks at the London Metal Exchange is mainly driven by the gradual increase in demand for new energy vehicles. It is estimated that stocks have decreased by approximately 5,800 tonnes since July, currently standing at only about 61,000 tonnes, which triggered a recovery in nickel prices. Recently, both futures and spot prices have increased by more than US$300/tonne. The latest quote of over US$22,100/tonne offers a positive outlook for the market.
Diğer Haberler
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