Steel News

We strive to let you one step ahead of the market.

LME nickel price increase driven by tight supply & strong demand

2 Feb 2023 16:16 reported by Joy Liu

A A A
The LME nickel futures soared by US$1,125 on January 31, closing at US$30,344/ton. The spot price also jumped by US$1,135, reaching US$30,153/ton.
The increase in nickel prices has reached US$296, or 1%, so far this month. The nickel price has risen by four months in a row.

The LME-monitored nickel inventory decreased by 294 tons, coming to 49,374 tons. The inventory has fallen by 6,102 tons since this month, hitting a historical low.

The surge in nickel prices was mainly due to market rumors of the Philippines’ policy to impose export tariffs on nickel ore, Russian Norilsk Nickel’s plan to cut production by 10%, as well as stronger demand and higher stainless steel prices in China after the lunar new year holiday.

Back to Steel News

Related News

Nickel price surge triggers swift market reactions in stainless steel industry

  • Stainless steel
  • 23 Apr 2024 17:52

LME’s nickel price hit seven-month record high on Apr. 19

  • Stainless steel
  • 22 Apr 2024 17:20

LME’s nickel futures prices increase & inventories decrease on Apr. 18

  • Stainless steel
  • 19 Apr 2024 17:31

Taiwan's stainless steel manufacturing cost increases

  • Stainless steel
  • 19 Apr 2024 15:39

LME nickel futures price back to over $18,000/ton on Apr 17

  • Stainless steel
  • 18 Apr 2024 16:08

Metal Price Index

Learn more

LME Official Bid Price

  • Zinc
  • 2,792.00
  • 2,814.00
  • Aluminum
  • 2,653.00
  • 2,660.00
  • Copper
  • 9,814.00
  • 9,900.00
  • Nickel
  • 19,010.00
  • 19,200.00

Learn more

Coil Exchange Center

  • 2B Coil-May
  • 2,460
  • 2,320
  • NO1 Coil-May
  • 2,430
  • 2,290
  • 2B Coil-May
  • 2,460
  • 2,320
  • NO1 Coil-May
  • 2,430
  • 2,290

Learn more