[Ferro-Alloys.com] LME nickel price reached to the bottom and has been bouncing back already.
The price escalating is led by Indonesia’s ban on nickel ore export; the sustained policy does apparently raise stainless steel price this year.
Nickel price in March was around US$14,000/ton, on May 13th, LME price hit historical high in past two and half year at US$21,000/ton; a 50% rise in just 2.5 month.
In the period of mid-May to mid-June, the price dropped to low point at US$18,000/ton, but no sooner, it goes back to around US$19,400/ton.
Nickel price is estimated to be rose by unstable mining sources in China, Russia and Indonesia, stainless steel mills will not easy to wipe their inventories, together with downstream mills are actively stack their inventories.
Stainless steel demands are expected to be increased in short term, said market participants.