Taiwanese stainless steel mills may increase price for Sep as high nickel price
The London Metal Exchange (LME) nickel price reached US$16,000/ton above yesterday (August 15th).
The nickel price has already increased by 40% since early July. According to market participants, the remarkable increase in nickel prices was due to an Indonesian ban on nickel ore exports. If the ban was put into practice early this year, the nickel price might be hiked by 10%~20% further.
On the other hand, if the ban was conducted as scheduled in 2022, nickel prices might decrease from the current high level.
However, the nickel price might be remained due to the Philippines' largest shipment of high-grade nickel mine SR Languyan Mining Corp. planned to stop mining from October to November this year.
Although the nickel price kept soaring, the demand was still weak. If the average nickel price remained at US$15,500/ton above in August, it was expected that Taiwanese stainless steel mills might increase the price by US$100/ton for September.
