Nickel prices rebound might support steel prices in short term
Time:Mon, 25 Jul 2022 09:48:20 +0800
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London Metal Exchange base metal nickel, last week temporarily took a break from the recent decline, keep increasing for five consecutive trading days, up by 14.12%, the range of a nickel price decreased slightly and international nickel raw material inventory drop, are helping to support steel prices.
Although the recent steel market hovers in the low, the market also showed a glimmer of light. The decline of nickel inventories in the London Metal Exchange center is mainly due to the gradual increase in demand for new energy vehicles; it is estimated that about 5,800 tons have been reduced since July, and now only about 61,000 tons are in stock, driving nickel prices to rebound. In recent years, futures and spot prices have risen more than US$300/ton. The latest offer above US$22,100/ton gives a positive reading to the market.
