Barclays downgraded its 2014 LME nickel price forecast to an average $14,000 per metric ton from its prior outlook of $18,000 per metric ton, citing persistent oversupply in the nickel market, according to Reuters.
We’ve been following the this market for months, and have seen no strong indication of nickel stocks coming down. Read more analysis in our latest monthly MMI® Report.
Current Nickel and Stainless Prices
The LME nickel 3-month price saw a 2.5 percent increase on Thursday, July 18, reaching $13,925 per metric ton on the LME and making it the biggest mover for the day. On the LME, the spot price of nickel inched up 2.0 percent to $13,805 per metric ton.
After a 1.1 percent increase, the Indian nickel cash price finished the day higher.
Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome continues hovering in place for the fifth day in a row. The price of Chinese ferro-moly saw little movement.
The price of Chinese primary nickel increased 0.5 percent. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat. The price of Chinese 316 stainless steel scrap held steady. The price of Chinese 304 stainless steel scrap remained essentially flat as well.