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

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February 2019 | Base Metals


Nickel: Too much, too soon?


Nickel prices burst into the $13,000s this week, 25% above the early-January lows. Reduced liquidity due to Lunar New Year holidays is likely to have played a part, technically prices are overbought now and there may be some speculative excess in the price amid concerns that Vale’s tailings dam disaster last month could impact the company’s nickel production plans. So there could be more volatility to come and we will not rush to upgrade our price forecasts just yet.

Nickel price up 25% already this year After its mid-January pause, nickel’s 2019 rally resumed two weeks ago, extended higher last week and again this week. This second up-leg reached a five-month high of $13,220 per tonne on February 4, some 25.6% above its early-January low of $10,525 per tonne. Much slower start to 2019 for the stainless steel market... But although it has been a very lively start to the year for nickel prices so far, the same cannot be said for the stainless steel prices, which continued to weaken through January and will be...

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