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Nickel price surge triggers swift market reactions in stainless steel industry

23 Apr 2024 17:52 reported by Louise Wang

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Last week, LME nickel prices surged above US$19,300 per ton, followed by further increases in the Asian market this Monday. This uptrend had a notable impact on Taiwan's stainless steel market, prompting swift reactions due to anticipated May price hikes from steel mills.

The rise in base metal prices, particularly nickel, was fueled by capital inflows and supply adjustments. Shanghai nickel prices also saw significant gains, closing at over CNY 140,000 per ton, marking a notable increase from the previous week.

Despite the sharp increases, Indonesian stainless steel producer Tsingshan did not immediately adjust prices. However, the Taiwanese market responded by further raising prices based on last week's adjustments. Overall, while buyers are stocking up in anticipation of continued price hikes in May, caution prevails due to subdued demand.

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