The forecast upturn in demand for stainless steel did not materialise during the first quarter of 2014. As a result, basis figures, net of alloy adjustments, have risen very little, if at all. However, recent increases in nickel costs have lifted stainless transaction values and kick-started purchasing activity. The recent rapid rise in LME nickel figures has shown how speculators on the commodities markets tend to react in a more volatile manner than raw fundamentals would suggest.
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