Booming stainless steel output to sustain nickel prices for months
July 26, 2021
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Healthy demand from stainless steel mills and electric vehicle battery makers is expected to underpin nickel prices over coming months. Benchmark nickel prices on the London Metal Exchange, at $19,500 a tonne, are up more than 20% since April and at their highest since February. Production of 300-series stainless steel containing 8%-9% nickel jumped 36% in the first half of 2021 compared with the same period last year. Stainless accounts for around 70% of global nickel consumption, while electric vehicle batteries consume less than 10%, but the latter number is expected to rise alongside electric vehicle sales as the world moves to cut carbon emissions.
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