24 March 2023 – Nickel prices on the SHFE jumped today, Friday, in some cases by more than 4%. LME is following suit. Stainless steel buyers must now be quick. Market prices and raw material mix show that new price bottom for stainless steel has been reached.
SHFE Nickel jumps almost 4% on Friday
After nickel prices on the Asian SHFE rose by more than 4% in some cases, the price of nickel on the European commodity exchange LME jumped by more than 4% shortly after the start of trading and was last quoted at more than $23,000 per ton, with a further upward trend.
Raw material prices with effect on stainless steel
The development of the nickel price today is likely to create pressure, especially for stainless steel buyers, to now successfully close open deals before prices are adjusted upwards. Especially for EU buyers, a look at the EUR-USD currency pair today is also highly recommended. Yesterday’s strength has softened somewhat today, so a wait-and-see approach is not advised.
New price bottom reached for stainless steel
After analyzing the current market prices and the underlying raw material mix for the April 2023 stainless steel alloy surcharges, the price bottom has been reached, especially for EU stainless steel producers. Further price reductions are not to be expected, otherwise the large mills face massive losses.
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