Posted 1/10/2024, 7:00:00 PM
Nickel Prices Hit Lowest Since 2021 as Oversupply Weighs on Stainless Steel Market
- Nickel prices hit lowest since April 2021, down 45% year-to-date
- Stainless steel market remains quiet, buyers hesitant to rebuild inventories
- Despite bearish prices, miners continue increasing nickel capacity, especially in Canada
- Indonesia's production raises concerns due to political tensions and environmental impacts
- Long-term downtrend in nickel prices continues to drag down stainless steel market