LME nickel price was over US$20,000 last week, greatly boosting the stainless steel market performance. However, it fell by 3% yesterday (September 13), triggering the traders’ concern about the unstable stainless steel market.

LME nickel price hit a 7-year high to US$20,500/ton last week due to supply shortage. The demand for electric vehicle batteries and stainless steel significantly increased. LME inventories continued to decline, which led to a shortage of nickel.

Regarding the fluctuations in the LME nickel price, whether there are people who intervene artificially, has attracted the market’s attention.