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Home / Metal News / Nickel Prices Likely to Gain Weaker Support

Nickel Prices Likely to Gain Weaker Support

iconApr 28, 2023 09:52
Source:SMM
Spot suppliers were active in shipping at the month-end, and the supply shortage of imported pure nickel improved, dragging down spot premiums.

SHANGHAI, Apr 28 (SMM) - Spot suppliers were active in shipping at the month-end, and the supply shortage of imported pure nickel improved, dragging down spot premiums. NPI market supply was not high. The cargo holders who bore high costs were less willing to ship. According to SMM research, NPI demand from the stainless steel sector grew after the price hike of stainless steel. Recently, the spot stainless steel trades have been slack, while the steel mills have received more orders in May. The downstream sectors are less willing to restock, and the pure nickel supply tightness eases, thus nickel prices are likely to gain weaker support.

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