Global nickel short-term outlook July 2023
Nickel prices picked up in late July as interest rates increased. Further support may come from the improving stainless steel industry in China, but a more significant decline in prices is coming. While the Class II nickel excess is not yet diminishing, a rise in Class I nickel stocks is imminent as Huayou becomes the first of many Chinese producers to gain approval for delivery into LME warehouses. And nickel sulphate discounts will be around for a while as that market too becomes more oversupplied.