LME nickel price hikes on improved demand
Time:Mon, 19 Sep 2022 08:18:36 +0800
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The LME nickel price hiked by 4.85% to US$22,994/ton last Friday (September 16). The increase was mainly due to higher demand and expected recovery.
In China, a major stainless steel consumer, the demand from the downstream industry increased in September. Steel mills stock up actively with a promising prospect of the new energy supply chain.
Market participants have expected recovery of demand in September, which raises the willingness for stock replenishment, and the demand for ferronickel also improved. In addition, the LME nickel inventory is at a relatively low level, which was also a reason to support nickel prices.
