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Nickel price expected to keep strong in short term

5 May 2021 15:44 reported by Joy Liu

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The international nickel price performed strongly last week, which surged by US$1,279/ton in total, with an increase of 7.8%. The nickel price has risen by two weeks in a row. In April, the nickel price totally hiked by 10% or US$1,606/ton.

The average monthly nickel price reached US$16,506/ton in April, a month-on-month increase of 0.65%.

Meanwhile, LME’s market inventory of nickel was 262,044 tons as of April, with a cumulative increase of 1,800 tons.

According to market participants, the global economic recovery drove demand for nickel, coupled with dropping nickel inventory and the significant destocking of stainless steel in China, the short-term nickel price was predicted to move stably. However, it indeed needs to observe the future trend of nickel prices.

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