15 July 2022 – Where is the nickel price heading? Another quick knock on the price after just avoiding bankruptcy? And HRC prices in Northern Europe and Turkey are currently rising again.
Turkish HRC prices rise
HRC prices have risen again in recent days. Northern European HRC prices are up by about 2.5%. For Turkish HRC even more than 4%.
Also, more and more market sources report that the market is getting ready to restock. And in the long steel sector, too, there seem to be preparations for price hikes from the producers’ side.
Is the nickel price turnaround coming now?
The Asian market had already started speculating a few weeks ago that there could be a price turnaround for nickel. And for a few days now, the story has been circulating in the media that the failed nickel deal with “external” help for Tsingshan only ended with a loss of one billion US dollars instead of a double-digit billion amount.
This should be grist to the mill of the traders who have sued the LME for suspending nickel trading.
Where is the nickel price heading?
This raises the question, also in view of the massive worldwide investments of the Tsingshan Group in e.g. nickel mining and processing (which actually need a significantly better price for nickel in order to be profitable), whether the time has now come for the nickel price to turn upwards again?
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