Improvement of China’s stainless steel market & LME’s nickel inventory decline cause nickel prices to keep raising
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Update time : 2024-04-11 17:14:48
The London Metal Exchange (LME) nickel futures price soared by US$371/ton and closed at US$18,219/ton on April 9. Meanwhile, the nickel spot price hiked by US$369/ton to US$18,403/ton. The nickel inventory at LME decreased by 1,728 tons to 75,420 tons.
Steel demand from China’s market was expected to improve, and LME’s nickel inventory dropped greatly. The stainless steel market in China gradually became strong. These factors caused nickel prices to keep rising. However, downstream buyers still maintained a wait-and-see attitude, and the nickel supply was still in over demand. Therefore, nickel prices were forecasted to fluctuate in the short term.
