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Nickel price rises by 13% in Sep, may continue climbing

20 Sep 2022 16:45 reported by Isora

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As LME nickel future price has continued climbing for 2 weeks, the current nickel price level goes back to over US$24,200/ton.

Since the beginning of September, the nickel price has realized a sharp increase of over 13%. Stainless steel demand refreshed again in the market of China Mainland, and demand for ferronickel also turned better in September.

Meanwhile, as the nickel stock kept decreasing and the scrap steel supply remained tight, it was more possible that the nickel market could remain strong in the short-term future.

The Philippines shall start its wet season soon, which may reduce the ferronickel supply as well, and participants generally hold positive attitudes toward the market.

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