Nickel prices retraced after a brief rally, impacting the stainless steel market and raising concerns about a potential oversupplied market.
Via Metal Miner Nickel prices continued to the upside during the first half of March, taking a momentary pause from their long-term downtrend. However, prices found a peak by March 13, reaching their highest level since October 2023. Following that, the rally collapsed, and prices returned to the downside. Overall, nickel prices fell 5.56% month over month. The Stainless Monthly Metals Index MMI fell 3.16% from March to April.
Source MetalMiner Insights, Chart & Correlation Analysis Tool Although they do not offer a meaningful correlation to prices, LME inventories continued to balloon throughout March and now sit at their highest level since May 2022. This trend directly opposes markets like copper, which continue to witness inventory drawdowns ahead of an increasingly tight supply outlook.
Nickel Prices Stainless Steel Stainless Steel Production China Economy
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