Via Metal Miner Overall, the Stainless Monthly Metals Index MMI steadied, with a modest 0.3% increase from November to December. Stainless, Nickel Prices to Depart 2024 on a Low Note Stainless distributors had nothing good to say about 2024 on the heels of the new year. To many, 2024 was mostly characterized by soft demand conditions and an oversupplied market. Mills largely managed to stabilize base prices and lead times.
A sharp uptick in long positions saw market participation recover to its pre-2022 squeeze level. However, the uptrend across the base metal category proved speculative. Nickel prices found a peak in late March, almost 29% higher than when they closed Q1. Still, this surge was followed by significant declines in the ensuing weeks. Source MetalMiner Insights The nickel price rise and subsequent retracement translated to a modest 3.17% quarter-over-quarter rise during Q2.
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