The London Metal Exchange (LME) nickel price has rebounded strongly recently, rising by nearly US$1,000 in the past three trading days this week. The latest price was US$15,875, up by 2.19%, expected to drive up the sluggish stainless steel market.

Boosted by the rebound in international demand, Taiwan’s Walsin Lihwa and Yieh Hsing hiked their prices of 300 series stainless steel wire rods by NT$1,000/ton. Walsin Lihwa’s consolidated revenue in January was NT$14.107 billion, a year-on-year increase of 4.12%, driven by the recovery of stainless steel prices.

Base metals performed weakly in 2024, but optimism was expected for aluminum this year. Market expectations of a Russia-Ukraine ceasefire boost demand and analysts predicted a 6.3% price rise to US$2,573.5/ton for aluminum due to supply shortages and limited smelting in China.

The International Aluminium Institute foresaw a 40% demand increase by 2030, mainly driven by the growth of the EV market. Meanwhile, the Australian Department of Industry expected global aluminum consumption to reach 74.74 million tons by 2027, with a CAGR of 1.7% from 2022 to 2027.