19 September 2023 – Asian stainless steel prices are currently holding steady, while Chinese analysts are already pointing to the possibility of rising prices. Nickel sulphate remains in short supply. And Indonesian minister warns of dwindling nickel reserves.
Asian stainless steel prices remain stable
Asian stainless steel prices have remained stable today. However, Chinese analysts believe that increases can be expected on the domestic market in the short term and that there might even be a run on the stocks available on the spot market.
Nickel sulphate still in short supply
In terms of technical data on availability and demand, for example for nickel sulphate, there has been little change, as can be seen from the continuing rise in sulphate prices. But nickel pig iron prices also remain at a high level.
Analysts do not expect another FED interest rate hike
The current somewhat cautious mood on the market is probably due to the interest rate decision of the US Federal Reserve expected on Wednesday. Deutsche Bank analysts, however, assumed today that probably no further interest rate hike is to be expected from the FED.
Indonesian Minister warns of dwindling nickel reserves
Official voices from Indonesia are now increasingly warning of the country’s rapidly dwindling nickel reserves. Given the current overexploitation, these could run out faster than Indonesia and its industry would like.
Recently, the Indonesian Energy and Mineral Resources Minister Arifin Tasrif called for an urgent rethinking of the way nickel is mined in order to achieve a more sustainable use of the country’s nickel reserves. The massive increase in smelting capacity for nickel products, which are far down the value chain, is eating rapidly and greedily through the currently known deposits.
- Domestic consumption in China continues to pick up speed
- Asian raw material prices continue to gain
- SMEs ignored by European Commission for decades
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