LME nickel price strengthens recently to support stainless steel prices
September 27, 2023
In the past week, the LME nickel price has risen by 1% and continued to increase in the past half month, supporting the current stainless steel price. Market participants said that stainless steel manufacturers are concerned about the supply of ferro nickel raw materials, as the Indonesian government’s export policy is vacillating.
At present, the market generally believes that the price has bottomed out, and the trend after the third quarter will be supported by lower inventory in the market. Coupled with the recent relaxation of restrictions on real estate and loans by the Chinese government, it is expected to benefit future recovery. China’s domestic demand continues to heat up, and inflation in the US has cooled, and related factors will drive the current market to turn optimistic.
(Source: Yieh Corp.)