Nickel surges, Taiwan and China's stainless steel market show different reactions
20 Oct 2021 17:04 reported by Lena Yang
LME Nickel is back at US$20,000/ton. China's stainless steel market, which had been encouraged, has stopped falling, but Taiwan's market demand is still weak, buyers and sellers are adjusting their inventories.
Global production cut-off effect expands. Not only China's power cut-off, but major foreign alloy producers are also under pressure to react to soaring electricity and shipping costs and are pushing up prices.
Since last week, major basic metals, such as nickel, copper, and zinc in LME, have hit record highs.
The demand for battery materials for electric vehicles has resumed, and nickel price rose again in October.
Strong nickel prices also lead to China's stainless steel prices increasing after September's plunge. In Taiwan, on the other hand, since the import volume has increased significantly, the demand has weakened.
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