Short and sweet with today’s stainless steel espresso: nickel has regained momentum and gained over $1160 in the last 30 days on the SHFE. Analysts are optimistic about nickel. First figures from China show how serious the government is with the production cuts. Only in Tangshan over 1.74 million tons of pig iron production less in March.
Nickel on SHFE and LME clearly up
Nickel futures on the SHFE have risen significantly in the last 30 days. At peak times, individual contracts were up by more than $1160. Nickel has also risen significantly on the London Metal Exchange. Currently, April 9, 5 pm (GMT+8), however, it has lost about 1.4% from the previous day. On the SHFE, all Nickel futures are pointing to the upside and the most successful nickel contract has gained 1.44% or $276.
Nickel price slump reverses as Biden plans to further boost demand for electric vehicles
Nickel was hit hard last month, but the outlook for demand and Biden’s plans to further encourage demand for electric vehicles suggest the price could recover from here.
Nickel could rally 30%, says Motilal Oswal’s Navneet Damani
For Damani, nickel ranks second among base metals. He sees lower inventories and rising demand for electric vehicles and the stainless steel sector fueling the rise with a global push for green technologies.
Tangshan production curtailment affected 1.74 million Mt of pig iron output in March
According to market sources, 26 steel mills in Tangshan, with a total number of 127 blast furnaces, were affected by the Chinese government’s strict environmental protection measures in March. As a result, pig iron production is said to have fallen by 1.74 million tons. This represents a drop of around 17% compared with February.
Furthermore, according to media reports, production cuts are planned for further steel areas in China.
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