Nickel is mainly used in the production of stainless steel and other alloys and can be found in food preparation equipment, mobile phones, medical equipment, transport, buildings, power generation. The biggest producers of nickel are Indonesia, the Philippines, Russia, New Caledonia, Australia, Canada, Brazil, China and Cuba. Nickel futures are available for trading in The London Metal Exchange (LME). The standard contact has a weight of 6 tonnes. The nickel prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments.
Nickel futures were trading below $25,000 per tonne, a level not seen since November 2022, pressured by concerns about persistently weak demand and a higher volume of global supplies. While China is reopening and several processing companies are ramping up production, worries about a demand-sapping global recession continue to rattle investors. On the supply side, the global nickel market flipped from deficit to surplus in 2022, according to the International Nickel Study Group. Indonesian production increased almost 50% from a year earlier to 1.58 million tonnes in 2022, accounting for nearly 50% of the global supply. On the other hand, the Philippines, the second-largest nickel producer in the world, might tax nickel exports like its neighbor Indonesia, lifting supply uncertainty. Last year, nickel briefly topped the $100,000 mark amid a vicious short squeeze.
Nickel is expected to trade at 27873.42 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 33489.53 in 12 months time.
So the nickel wire woven mesh price is based on the nickel material cost up or down.
Post time: Mar-07-2023