LME nickel prices expected to lift stainless steel market
22 Sep 2022 13:31 reported by Joy Liu
The LME nickel prices have hiked by more than 12% over the past month. The World Bureau of Metal Statistics (WBMS) said that during the first seven months of this year, the supply of primary aluminum, copper, lead, tin, and nickel was in short, while zinc was in excess, and nickel especially performed strongly.
China’s Tsingshan has raised prices for October. Market participants expected that Taiwan’s major upstream stainless steel mills, including Yieh United Steel Corp. (Yusco), Walsin Lihwa, and Tang Eng, are likely to hike their prices for October as well.
China’s National Day holiday is approaching, which will increase buyers’ willingness for stainless steel procurement and boost the downstream demand for nickel. Besides, the nickel supply is tightening as the inventory has decreased gradually.
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