Nickel price hits 10-year high on Jan 12
Time:Thu, 13 Jan 2022 10:44:41 +0800
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The London Metal Exchange (LME) nickel futures closed at US$22,064/ton yesterday (January 12), which hit a 10-year high. In the meantime, China's stainless steel price increased sharply as well.
The LME nickel stock dropped to below 100,000 tons, which was the lowest level in history. Stimulated by this, Taiwan's deal price has already stopped decreasing and increased these days.
If nickel prices remained high, it is expected that the stainless upstream manufacturers will increase prices for February. As for the increased range, it still depends on the following nickel prices. Indonesia's plan to impose export taxes on nickel pig iron is also the main reason for the increase in nickel price.
