LONDON: Rapidly rising stainless steel production in top consumer China has helped to preserve demand and prices of key ingredient nickel, but analysts still expect a supply overhang of the metal valued for its anti-corrosive properties.
Macquarie analyst Jim Lennon estimates that Chinese mills produced 2.875 million tonnes of stainless steel in July, up 4.8 per cent year on year. This is partly speculative and based on Tesla boss Elon Musk urging miners to produce more nickel"in an environmentally sensitive way".
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