EUROFER urges LME to take measures against further surging nickel prices

Thursday, 10 March 2022 16:14:17 (GMT+3)   |   Istanbul

The European Steel Association (EUROFER) has called on the London Metal Exchange (LME) and the Financial Conduct Authority (FCA) to take the necessary action to prevent further surges in nickel prices and impose measures to ensure it does nor reoccur.

The association requests the LME to keep the market closed until stability and normal price levels are restored. It also requests a thorough investigation of the trading practices by some market players to determine whether they may constitute market abuse or the creation of a disorderly market.

“In the last days, and since markets opened on 7 March in particular, we have seen an unprecedented surge in nickel prices that cannot be explained by supply and demand, nor by the sanctions recently imposed on Russia. No other commodity has seen the same price increase as nickel in recent days,” Axel Eggert, director general of EUROFER, said. 

EUROFER stated that these massive fluctuations in the nickel market can both seriously impact European nickel consumers, eventually leading to job losses, and jeopardize the EU green transition.

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