Stainless Steel Remains Buyers Market As Demand Growth Flatlines | OilPrice.com

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Stainless steel prices continue to drift sideways, while high inventories among service centers and consumers suggest that stainless remains a buyer’s market.

in 2022. This was enough to make Indonesia the largest global producer, accounting for roughly half of all output. This has a huge impact on nickel prices. Indonesia’s nickel processing also soared during the year, with a 32% rise in the production of NPI. According to estimates from Reuters, “around 70% of the physical nickel supply chain is now priced at a discount to the LME benchmark.”

Alongside the Class 2 boom, LME nickel inventories continue to slide. Indeed, stocks now sit at their lowest level since November 2007. Throughout April alone, stocks fell roughly 10%. Prices have shown little concern over the tightening market, although it does pose an upside risk. Prices moved mostly sideways over recent months following a sharp 15% drop during February, as markets appear more concerned about a projected slowdown in the West.

The incident occurred when 54 tons of “nickel” held in a Rotterdam warehouse owned by JPMorgan Chase & Co. turned out to be bags filled with stones. The majority of nickel in the LME is stored in bags, and the incident went undetected for an extended period because the bags are typically weighed only once upon entry to the warehouse.

 

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