The London Metal Exchange (LME) nickel futures price soared by US$321/ton and closed at US$18,559/ton on April 18. Meanwhile, the nickel spot price hiked by US$322/ton to US$18,371/ton. The nickel inventory at LME dropped by 90 tons to 73,482 tons.

Although the US dollar became strong, the LME’s nickel inventories kept decreasing. Besides, many of China’s smelters were under maintenance, which was beneficial for the nickel-iron market. Also, China’s stainless steel futures prices has become strong. As a result, these factors cause nickel prices to remain at higher levels.