As Reuters observed, the much greater market for stainless steel still remains the main driver for nickel demand and, hence, price.
Stainless steel output tumbled 8% in the first quarter, Reuters reported, citing International Stainless Steel Forum (ISSF) data.
Overproduction by Chinese stainless steel producers fighting for market share might mitigate the nickel hit, but only at the expense of a build in stocks further down the chain, Reuters suggests.
