In an article dated Jan. 07, 2021, proactiveinvestors.com.au looks at current developments in the Australian nickel market. And where the trend might be heading in the near future
Australian nickel producers well positioned
Australian nickel producers are well positioned to benefit from the continued rise in the nickel price, with demand forecast to increase over the next 15 years.
Nickel price up nearly 60% since mid-March 2020
The nickel price is above US$17,000/tonne and continues its steady rise as analysts forecast high demand in the coming years following the COVID-19 recovery.
The price has risen nearly 60% since reaching US$11,000/ton in mid-March 2020, in part due to increased demand from China for nickel for stainless steel – which uses about 68% of global supply.
Chinese iron ore futures also rising
Chinese iron ore futures prices have also risen, putting further upward pressure on prices, and nickel inventories in Shanghai Futures Exchange warehouses have fallen to 18,361 tonnes – the lowest level since mid-2019.
Conversely, stocks in LME-registered warehouses are over 240,000 tonnes, the highest level since mid-2018.
Source: proactiveinvestors.com.au
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