10 November 2022 – There are now indications that China is aiming for a relaxation of the Corona policy. This should lead to important impulses not only for the Chinese economy. Nickel prices in Asia jump by more than 4%. European nickel over $25,000 at start of trading.
Important impulse: China on easing course
The world’s most populous country, China, is openly considering easing its Corona policy and is working on plans to roll back restrictive measures.
Such easing is likely to have a rapid impact, as evidenced by increased iron ore prices alone. In addition, the Chinese economy has a lot of catching up to do, which will provide positive and important impulses for the global economy overall.
Nickel continues to rally strongly
Next important impulse is that Nickel in Asia made a decent jump upwards this morning. The most actively traded contracts are up by up to 4.4%. Spot prices for stainless steel in China had already risen sharply in October. This also had a significant impact on demand for nickel products, especially nickel pig iron (NPI).
Nickel in Europe above $ 25,000
Nickel on the European commodity exchange LME had reacted accordingly at the start of trading and caused the price to climb above $ 25,000. The data from Asia is thus very likely to have further influence and impulse on nickel today, but also on global stainless steel prices.
Demand for raw materials rises
Yesterday, we already referred to the significant increase in demand for stainless steel scrap from European steel producers and the scarce availability. Clear indications of a revival of the market and rising prices.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.