Indonesia has announced that its planned ban on nickel exports from 2022 will be brought forward to 2020. Following this announcement, nickel prices on the London Metal Exchange (LME) recorded its highest jump within a single day in the last five years. Today, September 2, nickel prices on the LME increased by $1,515/mt as compared to Friday, August 30, reaching $17,860/mt. According to market sources, the global stainless steel market is expected to move up in line with the changes recorded in nickel quotations, while a Turkish source indicated that domestic stainless steel prices in Turkey are also expected to increase.
A market source stated that stainless steel prices worldwide will inevitably increase and that the market is only waiting for players to decide the extent of the anticipated increase.