Nickel Prices Drop for Two Consecutive Weeks, Stainless Steel Buyers on the Sidelines

📰 News Flash: Nickel prices have seen a significant decline over the past two weeks, prompting a cautious approach from stainless steel buyers.

According to a report from the Taiwan Times on June 9, 2024, the nickel market, which had been on an upward trend since the beginning of 2024, has recently experienced a downturn. The three-month nickel futures on the London Exchange have slipped to around $18,500 per ton, with a drop of approximately 14% over the past two weeks. The news from Indonesia's Tsingshan that it will revise its export quotations has led to a quiet buying market. The market is currently in a state of calm, with the expectation that without a significant positive stimulus, the short-term market performance will remain subdued.

Back in early February, the price of nickel was less than $16,000 per ton. However, it continued to rise, reaching a high of $21,000 per ton in late May, which led to an increase in stainless steel prices. Stainless steel manufacturers such as Ye Lian, Tang Rong, and Huaxin Lihu have been continuously raising their prices. But since the end of May, the nickel market has started to decline. On the 5th, the three-month nickel futures on the London Exchange fell below $18,500 to $18,200, and slightly rebounded to $18,500 on the 6th. The spot price of nickel on the 6th was $18,300 per ton, which is $3,000 less than the $21,300 on May 20th, a decrease of 14% over the past two weeks.

Stainless steel manufacturers have noted a decrease in recent inquiries, especially for domestic sales, where the previous price increase has led to some customers replenishing their stocks in advance, and now they are adopting a wait-and-see attitude. However, the situation is different for foreign sales, which are going smoothly, especially after several domestic manufacturers received exemptions from the EU, making exports smoother. Nevertheless, industry insiders admit that the current demand for stainless steel is at a low point, and without significant positive support, the market situation is relatively flat recently.

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Contact Information:

• Website: www.metal-ae.com
• Email: ae@americenergy.com
• Phone: 13521210668
• whatsapp: 13521210668
• Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China