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Nickel ore disruption boosts ferronickel prices, further drives China's stainless steel prices

5 Jun 2024 15:59 reported by Stanley Wang

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The recent disruption in nickel ore supply has significantly increased ferronickel prices, driving up stainless steel prices in China. However, market participants noted that rising refined nickel exports from Indonesia are boosting inventories and ensuring a loose long-term supply, which might impact stainless steel price hikes.

According to China's customs, in April, China's ferronickel imports were about 724,000 tons, a 14.27% month-on-month increase and an 8.01% year-on-year rise. Total ferronickel imports from January to April reached 2.98 million tons, a 32.09% year-on-year increase, though April's growth slowed.

Meanwhile, China's refined nickel imports in April were about 7,885 tons, up by 25.04% month on month and 146.11% year on year. From January to April, refined nickel imports totaled around 26,000 tons, a 12.76% year-on-year increase, indicating accelerated growth in April.

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