The Price of Nickel Spikes Again

Today, the price of Nickel spiked again on the exchange. Although this increase is far behind the price of other materials, it still has the effect of pulling the price of stainless steel on the upward momentum. As noted, flat stainless steel products in Europe continued to increase in price. The continent’s average transaction value for 304 cold rolled coil was €2,671/mt in March. This is the highest price reached by European stainless steel producers since June 2011. .

Three-month nickel futures on the London Metal Exchange (LME) rose $515 a tonne yesterday (April 6), closing at $16,740 a tonne, hitting a new high since March 4. . 523.5 USD/ton to 16,691 USD/ton.

The current average nickel price for this month stands at $16,429 per tonne, slightly higher than the previous month’s level of $16,401 per tonne.

Meanwhile, LME market nickel inventories increased by 216 tonnes to 259,398 tonnes. The cumulative decrease in April was 846 tons.

According to market participants, the International Monetary Fund (IMF) has raised its assessment of global economic growth, while the US Treasury yields and the US dollar have both fallen, causing nickel prices to rise sharply. Short-term nickel prices are expected to be supported by these reasons.

In Europe, flat stainless steel products continue to increase in price. The continent’s average transaction value for 304 cold rolled coil was €2,671/mt in March. This is the highest price reached by European stainless steel producers since June 2011. .