The nickel futures prices at the London Metal Exchange (LME) reached US$25,000/ton on August 1, which grew by about 30% from the middle of July. Besides, the LME nickel stock hit a record low, which would support nickel prices. Therefore, the nickel prices were expected to maintain at a high level.

Upheld by nickel prices, prices of stainless steel products stopped dropping. Apart from that, lateritic nickel export restriction in Indonesia might benefit China’s nickel pig iron prices, and it might impact the stainless steel price trend.