Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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January 2019 | Base Metals

Nickel: Bulls starting to come back

Although nickel has recovered above the $11,000 per tonne level, market participants still seem wary about this rebound and such a cautious view has capped the upside for now. , but a bullish bias should develop during H1 as the macro situation is de-risked. The continuing supply deficit is a bullish constant for nickel, which should see prices extend their recovery as overhanging macro risks disperse.

Stainless review and 2019 outlook The final months of 2018 were difficult for stainless steelmakers in all parts of the world. Prices fell and the macroeconomic backdrop worsened. Production, which increased incrementally during Q1-Q3 and expanded by 10% globally to 39.1 million tonnes in the first nine months, likely struggled in Q4 amid cutbacks in China due to oversupply and shrinking margins. But there were differing dynamics in play in different regions of the world. In the USA, prices ended 2018 at levels very similar to where they were a year earlier. Prices rose during early 2018 but then gave up...


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