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

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March 2019 | Stainless Steels

Prices stabilize but set to remain on uptrend: Nickel Highlights

Visible stock flows give us a sense of the underlying market balance during months for which we do not yet have INSG supply-demand estimates, and for February and March-to-date LME, SHFE and Shanghai bonded warehouse stocks fell by a net ~14,500 tonnes.

As the LME nickel price slipped below $13,000 per tonne last week in line with the risk-off sentiment that returned to the complex, this market is finding support from its own fundamentals in the form of still-falling stocks and fresh supply disruptions.

On the latter point, we heard of a further 9% downward revision to Ambatovy’s annual production guidance last week, to 38,000-40,000 tonnes. This follows fresh problems at the company, this time a fire at its hydrogen plant fire. Capacity is officially 60,000 tpy, but it has never managed to hit this operating rate since start-up...


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