Industry News

LME nickel price increases by $141/ton on Feb 28, market to fluctuate on high side

Views : 85
Update time : 2024-02-29 17:55:59
The London Metal Exchange (LME) nickel price increased by US$141/ton and closed at US$17,601/ton on February 28. Meanwhile, the nickel spot price went up by US$140/ton to US$17,366/ton. At the same time, the nickel inventory at LME decreased by 456 tons to 69,330 tons.

The US dollar gradually became stronger, and Indonesia approved 145 million tons of nickel ore mining quota, which accounted for 25% of current Indonesian nickel ore demand, while the overall approval process was still slow.

Besides, the LME's nickel inventories kept dramatically decreasing, which further drove nickel prices. The nickel market was expected to fluctuate on the high side.
Related News
Read More >>
Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports
May .28.2025
Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports
US’ steel imports decline in Apr US’ steel imports decline in Apr
May .28.2025
US’ steel imports decline in Apr
China’s alumina prices climb due to tight supply and cost support China’s alumina prices climb due to tight supply and cost support
May .28.2025
China’s alumina prices climb due to tight supply and cost support
US’ hot-rolled steel bar exports fall in Mar US’ hot-rolled steel bar exports fall in Mar
May .28.2025
US’ hot-rolled steel bar exports fall in Mar