Nickel prices go firmly on improved stainless steel supply and demand
21 Sep 2022 17:02 reported by Joy Liu
China's social inventory of nickel in September hit a new low compared to the same period over the past two years. With the recent rising nickel prices and an expected rebound in demand, the stainless steel market was expected to recover in the near future.
Nickel prices have risen back since September. Coupled with the recent fire accident at Russia's Kola Mining and Metallurgical Company (Kola MMC), a subsidiary of Nornickel, the world's largest nickel electrolysis plant, nickel prices were pushed up accordingly.
On account of the better supply and demand and rising nickel prices, market participants expected a rebound in demand for stock replenishment of stainless steel, and Taiwan’s major mills, including Yieh United Steel Corp. (Yusco), Walsin Lihwa, and Tang Eng, will have a better performance as well.
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