Nickel/Price decline continues on poor SS sector demand

摘要

Owing to a weak demand from stainless steel producers, nickel prices witnessed a sharp fall in July. Nickel basis three months which was traded at 21,825 dollars towards June end changed hands at 18,800 dollars towards July 31.Nickel had hit a two-year low on Friday (July 25) on the London Metal Exchange (LME) as worries about demand from stainless steel mills mounted. Three-month nickel touched 18,250 dollars a tonne, the lowest since June 2006. It ended at 18,450 dollars from 18,800 dollars at the close on Thursday. The current prices are also subject to a correction as stocks of the metal have risen. The metal had fallen by nearly 50 per cent since early March.