The international market price for nickel reached US$24,060/mt on July 8 on the London Metal Exchange (LME), extending its upward trend, which is expected to be helpful for a recovery of distribution market prices for stainless steel products in the South Korean market.
The nickel price on the LME, which posted US$21,400/mt on June 20, taking an upturn after a prolonged slump, has continued its upward curve this month, increasing by as much as US$2,660/mt in fourteen working days only.
According to market participants, local distributors of stainless steel products in South Korea have been receiving a lot of inquiries from end-users since July 5 when the nickel price reached the level of US$23,000/mt. Even though such an increase in their inquiry receipt has not yet reached actual deals much, analyzers are saying that the prices for nickel and stainless steel products have already bottomed out and that this will be helpful for a recovery of the distribution market prices for stainless steel products. However, it does not seem that there will be any fast increase in demand from consumers for a time being due to the seasonal doldrums of demand in summer.