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August 2017 | Base Metals

Nickel: Confidence growing

Sentiment coming from the stainless steel market has been increasingly bullish for nickel and has no doubt contributed to the stronger tone to prices lately. Given this and the fact that fund buying (not just short-covering) has become a driver, we are more confident now that nickel prices will prove resilient, if volatile. We have adopted our previous high-case price forecasts for Q3-Q4 2017 as our base case.

Stainless steel market key takeaways MBR’s latest Stainless Steels Market Tracker was published last week and here we summarise some of the highlights. Cyclical trough: Global stainless steel markets almost came to a halt over the past couple of months as prices dropped sharply on the back of plummeting chrome prices and large-volume buyers waited for a floor to be found. That adjustment has been swift, however, and prices are now beginning to find their feet again after hitting what we believe will be their cyclical trough. In Europe, stainless steel prices are set to slide notably again with August deliveries as the effect...


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