VALE Q1 Earnings Miss Estimates, Decline Y/Y on Low Prices
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Update time : 2024-05-01 19:02:48
In the past month, international nickel prices have surged sharply, with a nearly 15% increase in a single month. London Metal Exchange nickel price soared from around US$16,600/ton on April 1st to briefly reaching US$19,700 on April 22nd.
In late April, market participants said that China's National Food and Strategic Reserves Administration had increased its reserves of nickel pig iron. Additionally, with the US and the UK imposing new sanctions on Russia, prohibiting the London Metal Exchange and the Chicago Mercantile Exchange from accepting newly manufactured aluminum, copper, and nickel from Russia, LME nickel prices briefly reached US$19,000/ton. This development has driven stainless steel prices, with the possibility of a price increase in May.
