Nickel prices jump over USD 19,000 mark
Nickel prices jump over USD 19,000 mark

19 April 2024 – Nickel prices broke through the USD 19,000 mark at the start of trading on the LME today (Friday) and are currently up by more than 3.5%. And stainless steel prices in Asia continue to rise in response to the current market situation.

Nickel prices break through the USD 19,000 mark

Even though forecasters and experts have recently tried again to ruin nickel prices with ultimately incorrect predictions from the crystal ball, the market has once again failed to follow the associated wishful thinking.

After the US and UK imposed new sanctions against Russian raw materials on 12 April 2024 and also banned trading in Russian nickel, aluminum and copper from new production on the American commodity exchange CME and the British LME, prices there rose significantly on Monday.

The raw material reacts strongly to external influences

The political and economic developments, but also the shortage of nickel ore stocks in Asia and the problems with nickel mines in Brazil and New Caledonia, have caused prices for the important battery and stainless steel raw material to jump back above USD 19,000/MT at the start of trading on the LME today.

Inventories could lead to even higher nickel prices

This means that our forecasts regarding the nickel price trend have also come true. This is because there is still no sign of an allegedly large build-up of stocks in the LME warehouses. The current inventories on the LME even allow prices of well over USD 20,000/MT if one looks at the inventory development of recent years.

Stainless steel prices in Asia react to current developments

Prices for stainless steel from Asia have already reacted to the current market situation and rose by USD 50 to 60/MT on Friday. Further price increases are possible.

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