Sluggish nickel affects stainless steel market
30 May 2007 20:15 reported by Stella Lin
Last Friday, LME 3 months nickel price dropped to US$46,000-47,000/mt, which is down from the highest price level of US$50,000/mt.
Meantime, nickel stocks increased to 7,200 tons which make many mills with hesitation to adjust their June shipment prices.
Nickel stocks have sharply increased from 4,000 tons to 6,000 tons, this is mainly caused from less purchasing when nickel prices stay at high levels.
Therefore, decreasing nickel price and increasing stocks will affect the stainless steel prices in next coming week when new June shipment price to be released.
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