Nickel prices steady at around 20,000/ton, boosting stainless steel export prices
Time:Tue, 28 May 2024 08:47:15 +0800
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International nickel prices have recently steadied around the US$20,000/ton mark, showing resilience in the market. May's average nickel price surged by over US$1,200/ton compared to April, alongside increases in other non-ferrous alloys. This uptick has also bolstered export prices of stainless steel flat products in China and Taiwan.
In the first half of May, the London Metal Exchange's nickel futures prices fluctuated between US$18,500 and US$19,100. With entering the second half month, the nickel futures prices rose sharply and stabilized around US$20,000. With May's average nickel price reaching approximately US$19,534, a substantial increase from April's US$18,307, market dynamics signals stability and potential growth.
The demand for stainless steel has been lower than expected since May. However, with steel mills regulating shipments and national inventory dropping by 47,000 tons compared to April, the market anticipates continued robust domestic stainless steel consumption in May.
