Global nickel short-term outlook May 2023
Nickel prices initially moved up under the possibility of no new NPI licences being issued in Indonesia, but then fell because of concern about the lack of agreement over a new US debt ceiling. Global stainless markets are still struggling and the recovery in China continues to take its time. The risk to our optimistic second half is growing. Meanwhile supply keeps increasing with more NPI, matte and MHP in Indonesia. And as the surplus builds so prices will fall.