Stainless steel of China prices have risen by 25% since the end of April. The People's Bank of China (PBoC) announced to cut the reserve requirement ratio (RRR) for banks, which has further boosted copper and other industrial metals' prices.

The LME three-month nickel price was up by 2.1%, coming to US$18,725/ton, and once hit US$18,730/ton, the highest level since March 3.

Financial markets fluctuated this week, and investors feared that the epidemic outbreak will hamper the global economic recovery.

According to market analysis, both electric vehicle batteries and energy reserves are in demand for nickel because the green economy is an inevitable trend. Nickel demand in the electric vehicle battery industry was expected to increase in the coming years, and stainless steel will account for the bulk of nickel consumption.