Stainess steel prices boosted by surging nickel prices
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Update time : 2022-01-24 15:44:56
Shanghai nickel continued to rise strongly, and the price hit a ten-year high continuously, which also boosted stainless steel prices to close to the highest in the previous year.
Nickel prices have climbed since the end of last year mainly due to three reasons. First, global hot sales of new energy vehicles raised the demand for nickel. Second, the Indonesian government decided to impose export tariffs on nickel products. Third, three electricity pylons of Tagaung Taung nickel smelting project in Sagaing Region, Myanmar was blown up last week, forcing the plant, whose annual production capacity is 20,000 tons of metallic nickel, to halt production.
The recent sharp increase in nickel prices has driven stainless steel futures to rise by up to 24% within a month. Analysts said that stainless steel prices will cool down and stabilize gradually if China’s demand has no significant increase in the later period.
