Via Metal Miner Nickel prices followed other base metals up throughout April, with a nearly 15% month-over-month rise. By late April, prices hit their highest level since September, although they subsequently began to retrace as upside momentum cooled. Overall, the Stainless Monthly Metals Index MMI rebounded, with a 9.58% jump from April to May.
However, profitability concerns soon forced First Quantum to suspend all production by late May, as the company would have to “process and sell nickel product at a loss.” Despite the recent bump in nickel prices, the outlook remains sharply bearish. Indeed, LME inventories continue to build, while Indonesian output shows no signals of slowing. Meanwhile, EV sales in the U.S., a market once expected to help drive nickel demand, appear increasingly challenged.
Source: News Formal (newsformal.com)
Nickel Nickel Prices Steel Mills
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