Commodity Market Report
Global nickel short-term outlook November 2023
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Report summary
With stocks rising, demand weakening and surpluses in all nickel forms building, the decline in nickel prices is gathering pace. But they can still go lower. Stainless markets are weak the world over, especially in Europe but even the Chinese are now cutting production. Energy and oil and gas are two bright spots, but more for nickel alloys than stainless. And while Sino-Indonesian nickel supply keeps expanding, western projects are delayed.
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